Thursday, September 22, 2005

Sept 22 - Still....long Oct 39 Calls

What a wild ride for the Q's today. The market opened down a bit from yesterday and then dropped from $39.48 to around $39.23. Suddenly the market bounced up to around $39.60 + and then back. That continued until about the last 2 hours of trading where the market went higher. Not high enough to take a profit and the Oct 39 calls I am in (at $0.55) ended the day at $0.50/$0.55. I was so close to pulling the trigger to stop my loss today but I held on and I am a bit distressed about holding my calls as hurricane Rita makes headway towards Houston. The RSI (5) Hourly ended around the 50 mark. All things considered, I will most likely exit the position tomorrow regardless of the signal due to Rita. I am thinking about a put trade as a gamble with Rita. To be continued...

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