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List,
Well, we finally got a sell signal this morning, so here's what we did.
We've been getting in a little early lately.
For Equities and Options we closed everything between 6:30AM and 7AM. I
consider these trades to be a miracle, since we went long a week of so too
early. By miracle, I mean we broke even after being down a bunch. We are
now 100% cash and waiting for our next sell signal for equities and options.
I just checked my Quote Tracker and my positions are down $10-13,000 since I
closed them this morning. Happy birthday to me!
In our equity account, we will restrict our trading to selling SPX and OEX
puts and calls as opposed to buying puts and calls and equities. After 3
months of investing (and thankfully making money) in options, as well as
doing a lot of research, and listening to friends on this list, we have
decided that selling naked puts and calls makes more sense when applying it
to our system. This way, the time factor will work in our favor instead of
against us. AS long as our system keeps on ticking, we'll also make money
from the price movement as well. Sort of a double whammy.
We reversed our futures positions this morning on the open and filled at
from breakeven to losers 9.5 points. We're now short the Sep SP futures at
around 1496.50 for those who are keeping track. In our spreadsheet, we'll
record this trade as a loss.
[OT] As an aside, we saw some friends at dinner last week and they told us
they had just moved to the 100 block, right off the Strand. His wife told
mine, that neither one of them has to ever work again in their lifetime.
Seems he joined Foundry Network (I think that's FDRY) early on as a
marketing rep. Up until this point in time, this guy never had never set
the world on fire, earning about $60k a year as a sales rep. He was
marketing rep #6 at FDRY and probably one of their first 50 employees (my
guess). He started selling this stuff and his income climbed to $150k+.
More importantly, he got options, lots of options. FDRY now has over 500
employees (I think) and has split several times. His new house is $1mm+
plus they just remodeled it completely, changing it from a duplex into a
SFR. His 10 year old now surfs every day before doing anything. A tough
life, but somebody has to live it. We wished them well and hope they manage
their new-found wealth successfully, for many years to come.
Guy
Never be afraid to try something new. Remember, amateurs built the ark,
professionals built the Titanic.
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