NYX option trade - Geez that was the wrong trade. I actually know that I shouldn’t have been in this trade based on the gap up yesterday, but its a long story, so I’ll save the boring details, but this trade should have never been made. However, the one positive thing, if there was a positive thing about losing 85% on the trade right at the open is that I sold out and preserved whatever money was left. The calls at least yielded some of my money back. Come 4pm those options were worth ass hair. So bad trade, but good discipline.

Really this option trade was a case of overtrading. I was in cash yesterday in my index trading so why am I going out and looking at stocks that can’t trade against this tide? Dumb move.

Other than the NYX trade the day wasn’t that bad at all, however, the NYX trade was so bad that it deserves to be a WST post.

The overnighters:

NYXBR - lost 85%

JADE- lost 5%

SVA - lost 4.5%

HOKU - lost 1.5%

BZH - lost 6.4%

DSTI - lost 3%

GBT - lost less than 1%

Bought & Sold today:

HOV - lost 2.2%

IDMI - gain 26% << made up about 1/3 of the loss of NYX option trade. Only 26% in this one today. Good trade, bad discipline. Got in at 1.48 and out at 1.8.

The main plus on the day though was NOT getting hit with a 6% loss in the NDX, RUT, and 6.4% loss in the SPX.

If you like this post, check these out too

• February 4, 2008 -- What Worked Today 242008
• February 2, 2008 -- What Sucked Today 212008
• January 25, 2008 -- What Sucked Today 1252008
• September 23, 2008 -- Random Thoughts

Thanks for reading

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