Thursday, August 9

"Red Skies at Night"

That's what I'm singing as I'm watching the streaming quotes for the 50 or so stocks I follow faithfully. I check other stocks when I see big red or green alerts (i.e. ticker up/down big and/or big volume) on CNBC. Either up or down big, I like to know why.

Today it is bleeding red. I am blogging so I am not buying. It's like Sak's having a sale! BUT, I've been there and I don't "catch a falling knife".

I couldn't resist buying some Harman International ("HAR" - they do GPS , too) since GRMN (Garmin) has turned on me and gone the complete opposite direction I "had a leg on".
Thank you Frogbog blog for that expression and Brandon.

Never short a stock you love. The heartache in a trade gone bad is not worth it. I have resolved that the $2,500 I averaged down buying on seven Oct/70 puts has/is evaporating. Breaks my heart but I'm an optimist and it's not October "Witching Friday" , YET. That's when options expire. A volatile day at the market, indeed.

If you check the two month chart for GRMN (click here), it's has blazed beyond belief. A Rocket.

If I listen to Cramer ("$80 stocks that go to $120"), I have lost the faith. I truly believe everyone else was doing what I did and we all shorted the stock up that fast. I believe in a break-out but come on. GRMN rose over 40 points in two months? That's why I'm switching horses and jumping on some Harman International Industries (HAR) today. (I hope I didn't jinx myself by telling you, HAR was trading at $100 just four months ago - look-ee here)

BTW - The China and Asian Market is doing Great! (...Boycott...)

2 comments:

the frogster said...

Well, GRMN at least didn't set a new all time high at the close Friday. Hang in there. There's plenty of time before October for your other leg to grow!

TICA MACHA said...

Thanks for that vote of confidence. I haven't traded options in 5 years.
It's all coming back now...
time tick, tick, ticking away as GRMN either set new highs everyday or holds firm in a market meltdown.
Gotta love GRMN.
I learned my lesson. Never short a stock you love.
(and when I think I can predict a pull-back, so does everyone else - do the opposite)