arthur Guest
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Posted: Mon Aug 23, 2004 1:18 pm Post subject: Aug 23rd Trading Log (Recap and Tue Trading Plan) |
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Aug 23rd Trading Log (Recap and Tue Trading Plan):
Basically, I sold calls on bounces and sold puts on dips (to build-up cash), and took advantage of relative value to move my portfolio into a stronger position. The S&P 500 hasn't been able to rally much above 1,100 recently. There are major resistance levels at 1,106 (50 day MA, which is falling) and 1,110 (200 day MA, which is flattening). The OEX intraday chart (see Chart Room near top of page three) shows its Bollinger Bands are narrowing, which indicates a strong move soon (I suspect to the downside). Also, QQQ did a doji today and VXN (Nasdaq 100 volatility index) is on a sell signal. However, the intermediate-term indicators (see Chart Room page two) are bullish. OEX closed at about 535. Perhaps, it will fall to around 527 and then rally to about 540. The Durable Goods Orders economic report Wed morning should move the market. I plan to sell puts and buy SMH or INTC leaps on dips.
My portfolio is about $905,000 including about $770,000 in cash.
Calls Contracts
SMH Jan 32.5 2005 200
INTC Jan 22.5 2005 100
RMBS Jan 10 2005 10
PSFT Oct 17.5 2004 100
Puts Contracts
DIA Sep 102 2004 100
QQQ Oct 35 2004 100
OIH Oct 75 2004 10
EBAY Sep 80 2004 50
EBAY Oct 80 2004 20
PSFT Oct 17.5 2004 10
Portfolio at $500,000 on Jul 1st, 2003 |
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