Today's Market Moves
Today I am kicking myself again! I jotted down a short write-up about my recent performance only days ago about how I've had some ideas that panned out but that I never acted upon, and today the same thing happened. Both $MU and $SQ had huge down days today after both having massive run-ups through most of the Fall. I like to be a contrarian in times of complete euphoria, but the holiday weekend threw me off in all honesty. I wanted to wait until today before assessing these two stocks and planning a short position, but it was too late by this morning. Oh well.
I do have some good news today, though. I've bagged a winner! $BABA also had a small dip today which was enough to get me out of my Dec-29 iron condor for 0.70. I will be looking to reload and get into a new position this week, perhaps selling puts underneath $SQ. Was I bearish? Yeah. Am I now? Well the stock had a cathartic sell-off today and will probably shave off a few more %'s tomorrow, but I think this stock's momentum is very strong and it will continue to climb. We will see.
Sorry about not having a regular SPA this holiday weekend - I was quite busy as I'm sure many of you were. So here's a condensed version of my plans with my remaining positions:
$UPS: this stock had a good rebound today and broke through tepid resistance at about 114.20. Honestly I'm just glad to see a closing 114 handle. I think 114.86 is next and hopefully I will be able to close this for a profit around that level if not a bit higher.
$USB: This stock continues to tread water in the high 51.75s. IV ticked up slightly over the past couple trading days. I plan on holding this to 14 DTE, where by then this will hopefully be above 52 ... for right now the position is up slightly so there's no reason to call it quits just yet. I expect this trade to be a scratch at best but we'll see.
$GM: Ah, this one. I'm quite good at predicting my own misery, so the other day when this was trading above 25 and I wasn't filled at my exiting limit, I said to myself, "I bet that was my one chance to get out of this." Should I have taken a not-so-great fill just to bag a winner for the sake of bagging a winner? Only time will tell. I still think $GM's uptrend is intact and so hopefully we will see 45s again by the end of the week.