Thursday, May 6, 2010

The Great Canadian Minebuster

When I was a youth I would visit Canada's Wonderland (the Canadian equivalent of Disney World) and the meanest, baddest roller coaster was the wooden Great Canadian Minebuster. It was terrifying then, and was terrifying a year ago, when I went back at age 39 to do it again with my 8 year old sun. That is what it felt like today in the stock market. As we approached the cliff I sold out of my LVS and RIMM calls at a total 80-90% loss just so that they wouldn't go to zero. I made  a few bucks  buying and then selling a MOS put as per an alert. I flipped into some puts (the stock didn't matter at that point) as the big drop happened and they went up over 100% -- but then I didn't sell because I was out of daytrades in this account - I'd have to wait for tommorow. No problem-- this drop was was so big we'd be gapping down tommorow. But no---- all of the sudden the market rebounded just as fast as it had dropped. By the end of the day my puts were DOWN. In my other account where I had bought some puts at the bottom, as the rocket up happened, the big money I paid for the put evaporated and it turned negative. Oh my goodness. Well I should have sat out or not reacted or gone back to work (I tried) but anyway.. this sucks. I am now seeing if my broker will cancel one or more of the trades due to the fact that the nasdaq is cancelling trades as it was all related to some computer glitch. We'll see what happens. From now on, for the next 90 days, I 'm back to day 1 starting tommorow and trading ONLY stewie trades. He will also help me decide what do do in which account - I don't have any ability to decide this myself anymore - whatever I do doesn't work. Arhgghghhh.

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