Now that wasn’t so bad was it?
Thank goodness we took those puts becuase that early drop would have been hard to stomach without a safety net but we recovered so fast it was hardly worth the bother!
Here’s a sample of some of the comments made during the day:
- 9:27 – (market plunging) "may be a huge recovery tomorrow but that doesn’t help us this morning!"
- That changed already at 9:38 as we started grabbing calls!
- 9:46 – (market bottoming) "Rather than sell my DIA and SPY puts, I’m going to buy some DIA $124s"
- 9:57 (Kustomz) – "Let the stocks fill the gaps from yesterday’s close, then see what they do."
- 9:58 – (about oil stocks) "a 1.66% bounce is expected and meaningless."
- That’s just what we got on the day
- 10:33 – "Watch the RUT very closely at 780, that’s the canary we really can’t lose!"
- 10:41 (Zman) – "Oops – maybe something just blew up somewhere because oil is perking up pretty quick."
- 11:00 – "Ouch, Goog (puts) stopped me out nice and quick, apple moving up a touch, this could be a recovery if it holds!"
- 12:20 (Soccer_f1) – "EBAY heading lower as well. I wonder if I should buy more at $0.95"
- Bottom Call of the Day – 180 seconds later it took off!
- 1:09 – "NYSE making a nice comeback at 9,100"
- 2:03 (Soccer_f1) – "I’m considering CC April20 calls for $1.20"
- Bottom Call of the Day Runner Up – 4 minutes to rally!
- 2:05 – "I’m out of my DIA puts/calls and SPY puts all about even as I think we’ve put the worst behind us."
- 2:27 – "DIA/Dow – this was the test we wanted! The markets seem to be passing…"
It was also the test I wanted for the new site! I am very proud and happy with the quality of people and the great sharing of information and experience we are able to bring to the table and I thank every single person who contributed today – this is exactly what I wanted to accomplish with a private site!
This was a very tough market day and we rode it out like a group of professional traders, without panic or gameplaying or posturing and I was very happy to spend my day chatting with you all.
While we still have a ton of work to do to get the site to where I want it, having a great group of level-headed, intelligent people here is more than half the job done already.
I was especially happy about two things: One was a trade I made on the Quarterly QQQQs and, no sooner did someone ask a question than 5 people chipped in to clarify what they were and how they traded. The other one was Arnie’s split of his AEOS position and the way everyone helped sort that out.
Totally great! Thanks to all of you – this really makes me feel like we are going in the right direction.
Have a great night,
– Phil
