Okay that was a close one on my First Solar (FSLR) call option.  That stock was all over the place today, closing at  214.54 -14.68 (6.40%) for the day.  It is even down afterhours a little.  As predicted, it did have a nice rebound after I bought it, but it did not stay above $220 for long.

In the stock this time.  Bought 150 shares at $44.50.  The more I look at the chart and the technicals, the more I see nothing but room for it to go up. 

Just didn’t wake up in time and felt lousy.  Stupid flu.  I hardly looked at the market.   So no trades for me today.  Michael has a nice paper profit on RIMM - should have copied him on that one. 

I exited my JCP calls today.  There’s a good chance there’s more upside but I wanted to lock in the profit.  

I placed a limit order for additional JCP calls and it filled.  This time I went for the Dec07 $45 call options.  I chose the $45 over the $42.50 because I decided I wanted more leverage- and the further out the call the more leverage. 

The market opened up this morning.  My gut feeling is there’s downside to the market but not a whole lot.  I did not want to hold SHLD puts through a market bounce.  I sold my SHLD puts when SHLD was $109.80.  It immediately dipped afterwards so I was a little regretful but looking at SHLD now (>$112) I don’t feel so bad.  I turned to First Solar, Inc (FSLR) for a daytrade.  It was down over 8 points so I looked at the Dec 07 Calls $210.  There was a $1 spread between the bid/ask.  I did not want to miss the bounce so I ended up trading the stock. 

$5000 in my account.  $5000 in Michael’s account.  And with today’s opening bell, our competition started.  Our race to $25,000 and beyond.  I could have started trading pre-market but I knew better than to do that.  Because of daytrader pattern account rules and our accounts being below $25,000, we have limits on how much we can trade in a day.  I knew Michael wasn’t going to waste his buying power on stocks and I wasn’t going to either.  Options - that’s where leverage is at.