RUT calls - I basically churned in RUT calls today, but the final trade I made was right. In fact, if I wasn’t so chicken sh$t about my positions lately I would’ve just held all my RUT calls from my first buy till tomorrow’s close. I’ve been rattled lately as my trading account had a big hit with EBAY, MDT, LVLT (stupid buy), GROW, and lottery picks in KBH and BZH. Basically all of these have done crappy. Really bad in fact. A lesson to be learned from this is overtrading. Even my HLIT calls are down. I digress. I bought my last hit of RUT calls at 19.10 and stupidly sold at 20.10. Still a 5% gain. I thought there was a chance the market wouldn’t close up as much as it did and the R2K would reflect that weakness by closing below the 810 level. I was wrong. I wish I still held the RUT calls, because I’m expecting an open and close that eclipses the 820 level.

The rally in the dollar killed gold today and therefore killed my GROW calls, and my GSS position. I want to see what happens closely over the next two days because I might have to sell em.

I promised a chart of what I was looking for to get in and here it is. I was looking for price action to break the 10ema and then test it. Thats the buy. Its not always a buy, but when the index is so oversold, you buy this pattern everytime.

I mentioned my HLIT (Harmonic) 7.5ITM calls are not doing well. Currently down 26%, but read on.

I bought HLIT 10 OTM calls today because I was anticipating a good earnings number from them. It was a good number and the stock traded up 7% in the AH to 9.79. That will be good for those $10 calls and better for my 7.5’s.

ZIXI - Blasted up 6% today making my position profitable by 1%.

The rebound in the indexes today made me move some cash back to the long side. With huge earnings from Apple, Bidu, QCOM, SYMC, and just about everyone else out there, I’m expecting greener pastures from the indexes.

So far we’ve had a very volatile week and that could be telling that a down turn is around the corner. I’m seeing severe weakness in most of the indexes, but no sign of downtrends yet for the bigger indexes.

Thanks for reading

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