First for some news about the market, then I’ll tell you what I’m up to. The market didn’t do too bad either way, with the DJI going down nearly 8 pts ending at 12,638 which is significantly lower than the 13,xxx area that bears fear and bulls are chearing for as some sign of something. The S&P ended up 2 pts to 1,400.36 which is past a previously considered resistance point. What’s next? Death and gloom for someone, but not for me anymore.

I’m still here, in the shadow of the real traders, waiting for something to motivate me in one direction (or another). What I’m going to do.. not sure. Lots of friends and a few bloggers and readers have weighed in, giving me advice which is all appreciated, whether I take it or not. And since I haven’t deposited the new $5k into my account, I’m still being a bitch about making up my mind.

A party isn’t a party until I’ve arrived too late or early. That’s when you know things are going to be good. I like to see that Chitty is going down like it is, though not yet to the teens that I thought it was going to. Not yet. Why did I choose the puts I did (May vs. June)? I’m not able arrive to the party on-time, only early or late. I can tell you what’s going to happen at the party though.

I had a little bit of cash left in my account so I bought a call in Citi (C). I’m not thinking that the stock is any better than I previously thought, I just figured that it would probably go up more likely than down in the near term. Wrong! Suck balls.

It only took me 90 trading days to destroy my account and make the one-person contest that was Retard Trader a nearly impossible feat to accomplish. On January 10th my account had a value of $9,550 which was up 91% from my original account starting balance. In the course of just 90 trading days, my account value has plummeted over 93% from it’s highs. Maybe this blog wasn’t meant to last…

Ouch. My account value is below $1k now. The exact value is $988.50 which is about $7,500 lower than it should be. I’m not sure if I’ve held this long enough yet.. hmm.. my Chitty May08 $22.50 puts are nearly worthless, they opened the day at $0.21 and ended at $0.09 so I’m willing to say that these might expire worthless. Leaving my account, well, nearly worthless.

Chitty came out of the closet. Actually, it’s more like this: Chitty is a $127 billion company that mentioned they are going to have a garage sale, selling as much as $400 billion in assets. The assets are old though. Really, really old. So Chitty is going to have a meeting today and talk about something, but until that time Chitty has been a little negative pre-market trading. Will it continue? It should, and I’ll tell you why.

I haven’t been posting here, but it’s only because I’m watching the market through tear and blood soaked eyes. Though my account balance has been less than it is today, it is within a bill or two from it’s bottom, so you aren’t missing much. I’m not sure where the market is headed but I do know that if it’s going down, I need Chitty to get there before OE on the 16th.

I’m taking a small vacation. I’ll be leaving within the hour, it’s time for me to go to Vegas and get some gambling going so that I stop gambling with my Chitty position. As of the last time I looked, my account is nearling valueless, so there’s not much to report. I was happy to see the market come down from the DJI up over 100 points to only be up like 25, but still my puts are worthless.