Quick Portfolio Update

As of the closing bell on Wednesday, November 4, 2009, this is what my portfolio looks like. My AXP Put remains in place although it continues to lose value. I have a stop in place at about 75% of it's value that I will be leaving in place.

My CVX Call continues to ride this trend line I mentioned in my last update, so I will be leaving it as is for a few more days, or until it drops below it.

FPL had a large price movement, but it was on light volume and it gave back more than half of it's gains for the day in the final hours. This says, conviction doesn't yet seem to be there. However, winters for this stock tend to be profitable, and all indicators I watch say upward movement is to be expected. Also, since today's movement did give me back some of my losses on the Call option, I will be holding on to it and watching how it goes.

WFC has dropped a lot further than I thought it would. It is, however, reaching a support level and the daily chart indicators say an upward movement is a higher probability. However, the weekly chart indicators say that the bull may be running out of steam. If it does go up soon, this is likely the last bull run it will have.

V put in some strong price movement in today only to pull back to the opening. Unfortunately, I was stopped out of my Put position by this powerful up move of the day. V has been a difficult animal to tame. There is some suggestion that more upward movement is there, but on a week to week, the bull not as convincing.

I have lost quite a bit of money on these last few trades. My only consolation is that my Call positions on SLV and USO have been hedging against the losses. Unfortunately, both just put in doji star price movements. That isn't a favorable candlestick, and the other chart indicators are a little mixed, but suggest that near term profitability has a good chance. They are both nearing resistance points, so I will have to wait and see how strong the resistance is. That is my opinion, you can take it or leave it.

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