Tuesday, May 5, 2009
Eating Humble Pie
on my Freeport-McMoran (ticker: FCX) puts. I was too early and too early = wrong when trading the shorter time frames. This is an intermediate-term trade for me, however, and I'm not buying the blow-off top to FCX or the general stock market rally at all. Ahhh, the joys of posting one's trades for anyone in cyberspace to see...
;]
More later today of substance but wanted to get that off my chest.
Subscribe to:
Post Comments (Atom)
Wikinvest Wire
Posts
2 comments:
Hi Adam, I'm glad you got out, because the ADP payrolls number came in at -491,000 for April, and the expectations were -580,000. In out topsy turvy world this was viewed as very bullish. I happened to be lucky enough to have bought 1 ESM9 S&P mini contract based on my charting about 5 minutes before the payroll number came out, at 897 with a stop of 892. It's now 911 so I'm up $700 on that one contract. FCX is pretrading at $51.42, up $1.41.
The market can stay irrational a lot longer than we can stay solvent. I'm 59 years old, and believe me, I've paid for that lesson!
sass-
Er, I didn't actually get out, I'm just admitting that I got in too early. I am using longer-term put options and am holidng my FCX short/put position. Wish me luck!
Post a Comment