Tuesday, July 01, 2008

Exhausted...and like "solars" once again

What a day, what a day... the one I've been waiting for in context of "upcoming rally during severe bear market".

It felt really bad to be holding long calls on (XLF), (XHB), (QQQQ) in the morning, but the feeling of despair in the air was so strong that I did something I don't do very often - in spite of the fact that "I have completed long calls on (XLF), (XHB), (QQQQ) (per yesterday's post ) I closed my eyes ( not the way to deal with the stock market indeed) and raised (XLF) and (QQQQ) calls position ANOTHER 50% - oy vey...somehow that just happened at almost at the low of the day at about lunch time.

The next thing I know - market uses "better than expected horrible news" of GM's heavily "given away" numbers and what do you know - market rallies!
Have to confess - I've been a pig and did not sell any of long postions, instead I got out of (OIH) puts with small loss ( If waited - would be break even - I just did not feel right and it proved to be correct decision, at least for today )

If market will hold it straight tomorrow I'll be looking at some long positions in Alternate Energy sad universe, namely
(FTEK), (AKNS), (ASTI), (JASO) - have long pos. already, and, last, but not least (SOLF) - all with clearly defined stops under today's lows.