With this post, I’d like to cover three things:
- Why I took profits on my QQQ puts;
- Why I took profits on my NVDA puts;
- Just how grandly I screwed up my AAPL trade
Let’s begin, shall we?
Yesterday, shortly before the close, I glanced over at my /NQ chart and said, out loud (even though I was alone) “That is so beautiful.” I hadn’t realized until then what a perfect setup the chart was, so I did something VERY un-Tim-like and bought a ton of puts which expire not in 2025, not in 2024, but next Friday (the 15th). They shot up 50% this morning, and I took profits quickly. So, yay, me.
Don’t worry, I’m going to balance that success out with a screw-up in a moment.
Over the past few days, the market has been kind to the bears, and the proximity of the SPY to its Fibonacci gives me pause. I held on to ALL my other positions, because they have anywhere from 134 to 498 days left (!!!!!!!) on them, so I’m not sweating it.
I also took profits on my NVDA puts. I still think NVDA is laughably overvalued, but I’d rather get out while the getting is good, because the chart’s not that great for a swing trade. So, again, yay me. You go, girl. So, look, just hang on for the rimshot……….
On Friday, I did a premium post highlight Apple (AAPL) as a good short set-up. I bought October puts. I sold them at a loss on Friday, because I got scared. The chart was fine. It was absolutely perfectly fine. The RATIONALE for the trade, which was the price gap, was not violated. But, since I’m an emotional simple-headed moron, I took a loss.
Two days later, those options were up 200%. Did I mention about being a moron? I hope my premium subscribers aren’t morons, too, and made money on the trade. Because, truly, I’m a brilliant chartist, but God I can suck as a trader.
Incidentally, want to know how many folks have stampeded into subscribing, prompted by my earlier post? ZERO! So you parsimonious people are still sitting on your hands. I suppose I should take heart that means the bear market will just keep marching forward. You folks are really something else! Well, I tried. I always try.
Onward.
