I got to see my puts in BIDU sink to really sickening levels.  I watched JCP go over $51, making my Feb08 $45 puts worth less than clicking a button to sell them.  And of course, C isn’t going anywhere near my calls of $30.  So I didn’t sell.  Again.

JCP is not going my way.  Actually, I guessed or hoped in the wrong direction.  It’s painful.  Of couse, if I were stupid I would have just settled for a loss instead of waiting out something to happen, like for me to lose all my money.  Can I really be this wrong?

Sometimes when I have a feeling about a stock, I ignore it.  Same goes with charting, fundamentals, and more.  As many traders have followed their beliefs or interpretation of charts and lost, there’s no guarantee way to pick a winner.  Welcome to my world.

Since I’m not able to daytrade with less than $25k in my account, I’m in watch only mode for today.  I’m all out of money, it’s all in options.  All of it.  Wow, how scary.  Worst part is that I’m in the general wrong direction in all the options.

I didn’t sell anything, only bought puts.  Of course, I was sweatin’ things more when I noticed the two companies I bought puts in, JCP and BIDU, were both losing money faster than OBAT and his destructive day yesterday.  Thankfully the bulls are full of bullshift and didn’t keep the DJI up over 100 pts.

JCP really shouldn’t be up 10% today.  Not even 9%.  It just shouldn’t.  Since I know it shouldn’t, at it knows it shouldn’t, I’m taking this opportunity to buy puts against JCP.  Take that you loser!

Made one trade, sold CMG.  Not at the bottom, but not at the top either.  Though the CMG drop continued after I exited, I’m alright with this for now, I really liked getting the profit on a trade which makes me feel more confident about my JCP position. 

Today I made money on the poor performance of GOOG earnings announcement.  It went something like “we made lots of money, but you morons expected us to make more”.  Well, maybe that wasn’t a direct quote from the earnings announcement.

BIDU put was profitable, so I sold.  Smart?  Probably not.  I’m sure there’s more room below, but taking profits is much quicker than accepting losses.  At least it is for me.  I’m going to have to find my old options rule I posted here.  I don’t have a lot of rules, it shouldn’t be that hard to follow them.

Alright, so I took a chance and in the last couple minutes of the trading day I gambled nearly all of my money that hasn’t been lost on CMG and JCP already.