Portfolio Update

The market's half day today was a "bear" to say the least. Everything except the treasuries took a beating today. Here is how I did.

CVX opened much lower to an old trend line and then climbed back to close just over $78. In comparison to yesterdays close this is recorded as a loosing day. As a result my Call Option on it also lost value.

FPL opened lower, and closed even lower, but remained above the current trend line it has been operating against. There was, however, some unusual behavior. My Call Option on it gained value. This can only be attributed to there being more bullish option investors than stock investors.

MU opened very low, but gained back some of it's value during the day. In the process of the day, my Sell Order to create a Covered Call on MU was executed, netting me $9.40. Even though the option gained value as MU regained some of it's stock value, because the stock did not close in a bullish direction, I am not yet concerned about my decision. Even if it really does go up from here, I would be more than happy to see it get executed at $8.00 since it will then net me $47.

Here is a fulfillment of a short term prophecy. In my last post I said I had concerns about SLV pulling back and today SLV did a really hard pull back. It opened at $17.62, only 12 cents from the estimate I made in my last post. I was expecting a more gradual move. From the open it regained a lot of it's value, but only to slip back and close at $17.95. This gets recorded as a bullish candlestick with a long upper shadow on a bearish day. With such a hard pull back, my first instinct is that it may do one of two things; continue to dance at these levels, or pull back even further to $17.25. However, there seems to be a better than 50% probability that this is a bounce. The true determination is the candlestick of the next trading day. I'll have to let you know what I think come Monday's close.

In my last post I mentioned two paper trades and one official trade. Neither of the paper trades were successful as the underlying stock never gained enough value. I will continue to monitor them. My official Stop-Limit Order to purchase CPLP also did not execute. Because my Stop-Limit Order to buy was under the obnoxiously high Asking price it was rejected, as expected. As of the close of today, the Asking price has come down to a level I am willing to work with. For that reason I have resubmitted my Stop-Limit Order with the Stop at the asking price. That is my opinion, you can take it or leave it.

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