Thursday, June 18, 2009

Aggressive Selling

For whatever it is worth (believe me, not much), I was selling all day today. The last few days in my opinion have been very bearish and today seemed very bearish in context of the last week. I was selling calls I was long on a financial index that I was using as a hedge, was selling covered calls on a stock that I like over the long term but expect will probably go down in the short term (if I am right I can lower my entry price through the call sell and minimize tax by keeping the stock), and sold completely out of a position.

Who knows, I think there is a high probability we will go back and hit that 903 to 905 level we bounced off yesterday (that I had originally cited a couple of days ago) and slice right through it on the way to 875.

Tomorrow may throw a curve ball with options expiration or it may add jet fuel to the downside. We shall see.

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