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The title seems contradictory, I know. But there was a huge amount of activity without much change in my portfolio. My feeling is that today representing a hammering-out of an intermediate-term bottom.
I've done a LOT of posts this week, and I'm going to take a break. I'll probably do something this weekend. Until then, thanks, and swing on back later to see if I've written anything new!
Beautiful retracement here to the completed diamond pattern.
The index charts were screaming "buy!!" to me. That doesn't mean I'm dumping my gazillion equity puts, which I think have reasons of their own to fall. I have, however, bought into a largish call option on IWM this morning. Simply stated, when I look at the chart of the S&P 500 below, the technicals for a bounce are too compelling. I eagerly await the day when indexes are a "steal" to short again, but for now, I'm going to play this one long position.
I am selling selective puts right now, including RIMM, below (for a nice 80% profit over just a few days).
