Wednesday, July 21, 2010

07/21 Daily Summary

As 8 AM, I noticed that we didn’t have a lot of volume and the market was more towards bearish than bullish, I moved my up-side adjustment to 1860 and let it ride. No matter how much you study before making a move, there is always a situation that will prove you wrong, so I decided to leave the trade alone, it turned out ok. Would I rather not have that long SEP call? Absolutely, but then again, if we had moved higher Today it would be a different story, right? Best thing I can is to follow my plan and keep working the trade as the market moves around. So far so good, it posted a decent recovery, looking for a few quiet days to post additional recovery.