I sold the 5 RINO Put Option contracts that I was holding @ $9.30 for a loss of $30.00 which is basically commissions. I am seeing too much strength in the markets to continue to hold this position especially since RINO is going to report earnings in a few days. CYD, a sister stocks is already up close 15% this morning. I do not even care why. All I know is that stocks are acting very strong and I do not want to be shorting into such obvious strength!
So I am back to cash now and looking for swing trades on the long side. My bearish hypothesis along with all my cash being tied up in the RINO puts prevented me going long STRI a couple days ago. Now I am regretting so bad. STRI is now up over 11% today!
Jeeezzz. I keep on re-learning the same lessons. Do not try to anticipate a turn in the markets. Stick with the trend until it clearly changes. Like the CHOP trade for instance. It did not trigger a sell signal. So I should have been patient and held on to it. It continues to act nicely.
Lesson: buy in a bull market and sell during a bear market!!!