Wednesday, June 20, 2007

Top tick of the day award.


Life is tough. It's tougher when you are stupid.
John Wayne ( I think)

I'm Awarding myself the blue ribbon for top tick nervous Nellie. It's just a classic of mine. Lets set the stage shall we. The NDX is still on a sell signal of my own construction. I am nervous because the market is holding up really well despite my pathetic little sell signals on all the major indices. We have a strong open today and I am ready to cut my losses. I am not supposed to do this. I need to wait for my signal to cover. But I see the NDX start strong, drop to 1939 and start to rise. Out of fear I look at a 5 minute chart ( I am not supposed to do this). I see the NDX pop thru 1946. I sell my July 1950 puts when it hits 1948.3. The market promptly turns around and Now I am looking at a 1932 print on the NDX.
At least I still hold my bear call spreads and my RUT puts. I will see if I can hold these till I get a buy signal.

No comments: