Change of direction

The Russell 2000 is not going down.  No matter how much I wish it.  IWM is costing me money on the puts side, so I’m changing my direction.  Out with the bad, in with the good.

Sold:
IWM Jan08 $75 puts (IOWMW), 2 @ $1.07
Entered 12/17 @ $3.20, exited 12/20 @ $3.70
  74% loss, - $614.00
  stock price when entered $74.19
  stock price when exited $77.95

Bought:
IWM Jan08 $75 calls (IOWAW), 5 @ $3.85
  stock price when entered $77.98

I’m going to look for an exit when the IWM gets around $79 or $80.  Next week.  Next Thursday I think.. Maybe Friday.

Sometimes things just seem to make sense and flow my way, other times they don’t.  I don’t really appreciate it much when they don’t.

It’s amazing how quickly things can change an account’s value.  With RIMM and AAPL both heading higher, my account position has taken a dramatic hit.  Lindsey could just not trade and she’ll have today’s unrealized account value higher than mine.