Closed Net P&L: $-539.78
10:04pm: I managed to make an event of an otherwise uneventful day, a 3-peat of losing days. It’s the first time in my short lived professional career. There will, of course, be many firsts in this journey, and while I’d prefer to have seen a $10K week before a a back-to-back-to-back red attack, tomorrow is another day, the draw down(s) are very manageable, and today, especially, the errors that led to these results were easy to identify, ideally not to be repeated.
Option results today were mixed. I exited a partial piece of the Ford ($F) March ’13 $9 Calls at .92, a .12 profit from the entry last week at .80, good for a quick 15%. A streak that was broken this Monday was the 9 straight down Monday’s for the DOW so the correlated S&P ($SPY) Aug 18 ’12 137 Puts retreated and are down about 40%. I’m holding 18 and may add into any strength tomorrow. There are two big gaps to fill in the SPY in just over the past few weeks and the cheerleaders all have their horns on.
On the general market news front, Best Buy ($BBY) got a bid from the founder and Chairman to take ‘his’ company private. It was a big day for Chinese internet equities. And Knight Capital looks like it is going to survive thanks to a very dilutive infusion of new money.
Trader Tunes of the Day: Spoon’s ‘Ga Ga Ga Ga Ga Ga.’ Damn, I love this band.
Trade Like You Mean It!