Monday, May 16, 2005

Sold at the low?

Friday I blew out of the May GS position at a sizeable loss. I haven't computed the PnL yet because I've been too busy, but it's safe to say that that one loss will keep me from being profitable in May. I noticed that GS was up today (which was happy considering I have a June GS position.), I wonder if I sold at the absolute low between now and expiration? I guess we'll see in a few days.

The June portfolio is going well so far. ONXX is my worst position. That thing was down over 4 dollars today, but becasue my put was sold so far out of the money I'm not hurt to badly and still have another 2 to 3 bucks to go before it's in the money. I have high hopes for the change in strategy I mentioned in an earlier post. I'm selling naked puts now instead of bull put credit spreads. I would have been killed today on ONXX if that had been a bull spread becasue it would have had to have been closer to the in-the-money strike. I'm not out of the woods yet for onyxx. Another drop like today, obviously would cost me dearly. The June portfolio is actually slightly profitable at this point. I sold some MOVI puts. I actually opened this postion on Wednesday, but hadn't noticed until late Friday, that my offer was actually taken because it was on a different page in IB's Trader Workstation. I was mainly paying attention to my page entitled "May Position" due to the action in GS lately and ignoring my page "June Candidates".

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