arthur
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 Posted: Thu Aug 12, 2004 12:34 pm Post subject: Aug 12th Stock Portfolio (Recap and Fri Trading Plan) |
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Aug 12th Trading Log (Recap and Fri Trading Plan):
I bought SMH calls on dips, bought ABX calls on a dip, and sold DIA puts on a dip (for a large gain). The market may continue its downtrend until Labor Day or the next Fed meeting both in Sep. The PPI report tomorrow morning should move the market. Nasdaq closed below the 61.8% Fibonacci level (see chart at top of page two on StockCharts). With SMH so low, I wouldn't be surprised if Nasdaq eventually tests the 50% Fibonacci level. I'm basically focusing on SMH long-term calls, buying on dips (since SMH is oversold and undervalued compared to the rest of Nasdaq), and DIA short-term puts, buying on bounces (to hedge). Also, the smaller gold stocks e.g. BGO KGC ABX (and also SIL) are very low. EBAY may be the last tech to fall.
My portfolio is over $860,000 including about $605,000 in cash.
Calls Contracts
QQQ Dec 34 2004 100
SMH Sep 30 2004 100
SMH Nov 32.5 2004 200
SMH Jan 30 2005 300
SMH Jan 32.5 2005 400
SMH Jan 35 2005 300
SNDK Aug 20 2004 20
ABX Jan 17.5 2005 50
ABX Jan 20 2005 100
Puts Contracts
DIA Sep 102 50
DIA Oct 98 100
Portfolio at $500,000 on Jul 1st, 2003 |
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