I finally made a little profit

The market took a drop today, not quite enough to make people trade away everything and start hitting long coverings, but enough to make anyone with puts or shorts start to smile, including this Retard. Pretty happy day for me, so far.

I sold my GRMN put today in order to give myself some false confidence.

Sold:
GRMN Mar08 $70 put (GQRON), 1 @ $11.60
Entered 2/20 @ $8.60, exited 2/29 @ $11.60
35% profit for +$298
stock price entered $62.90
stock price exited $58.70

JCP did well today, but only trading 69% of regular volume and having a down day isn’t quite what I was hoping to see. How about a huge drop that makes people wonder if JCP should file for bankruptcy, that would be more of my liking. JCP dropped over 3%, let’s start cheering!

The market overall was down. Dow 30 dropped 2.51%, NASD down 2.58%, Russell 2000 down 2.7%, and the vIX ended up 12.79% @ 26.54. TRIN ended at 2.76. TICK at negative 472.

Of course, RIMM, BIDU, and heck, nearly everything was negative on my Friday February 29th watch list.

So what does today’s stock market action mean for next week? Honestly, it means nearly nothing. Sure, there are blogs that will state there is imminent doom and others that will guarantee this is sign of future positive action. I only foresee this meaning today was down and next week is a new week. The market does not have a memory, so don’t trade based on it.

As for me.. I’m currently at a park, stealing someone’s Internet connection (it’s better than paying for it myself). I didn’t have a camera besides the one built into the Sony Vaio SZ computer I use (available new and refurbished from Sony).

(full size image is 4,320 pixels wide)

Have a happy weekend.