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Aug 19th Trading Log (Recap and Fri Trading)

 
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arthur
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PostPosted: Thu Aug 19, 2004 12:16 pm    Post subject: Aug 19th Trading Log (Recap and Fri Trading) Reply with quote

Aug 19th Trading Log (Recap and Fri Trading):

I took advantage of volatility to build-up cash, and bought calls that can rise higher. If oil prices start to fall, then the market may rally, and if oil prices stay high or rise higher, the market may continue the downtrend. I believe, the unwinding of options is skewing market direction (to the upside). So, next week should determine market direction. I'm cautious, because I doubt oil prices will stay high for a long period of time (perhaps, till Labor Day?). So, the market could rally soon. However, the major averages are still below their 200 day MAs, which is bearish. So, it may be best to stay heavy in cash and wait for the market to overreact (to upside or downside). I plan to continue building-up cash and wait for excellent opportunities, which always eventually show up.

My portfolio is at $910,000 including $830,000 in cash.

Calls Contracts

SMH Jan 32.5 2005 200
INTC Jan 22.5 2005 50
RMBS Jan 10 2005 10
PSFT Sep 17.5 2004 50
PSFT Oct 17.5 2004 50

Puts Contracts

DIA Sep 100 2004 100
PSFT Oct 17.5 2004 10

Portfolio at $500,000 on Jul 1st, 2003
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