Ugh! what the hell are they thinking? G20 will save the world? I am staggered that markets have pre-empted good news, so expect a huge disappointment when they come back down to earth.(fingers crossed)
I am short a few calls at 4000, from my idiot trade last month, and may have to spend the rest of 2009 rolling up calls!
Truly hoping this is the end of the buying frenzy that has smashed the index up 8% in 17 hours of trading, and thus yet again the myth of markets falling faster than they rise is exposed for the utter tosh it always was-the last 5 years charts show that.
What really burns my behind is that I had sold a half position of puts on monday and was a whisker away from closing out short calls -they were a buy at 37, and selling a few more 3550 puts at 50.
So far I have had several opportunities to trade out of this and each time the market has fooled me- well I can't be wrong forever, even a broken clock is right twice a day.
The above was posted today on options board on Fool, but the sentiments are what I wanted to express here, so nothing to add.
Except:
I know many traders are short calls right now, and hope they can manage. Morality is on our side!
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