Today's closing price action didn't really excite me. We closed under 800, after being up another 1% earlier. The bulls clearly couldn't hold the momentum. We will probably sell off into the unemployment number on Friday.
However, I bought 200 OIH @ 76.09, and wrote an OIH 75 at $4.15 and an OIH 80 at $2.20 (Aprils!). My cost basis is 73. I am happy to get long OIH with a cost basis at 73, but I'd much rather sell OIH at 75 and 80 and make $1K.
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Yesterday's down 300 was ugly...
ReplyDeleteToday's up 86 was not....
It gave up some of the gains, but the fact that we are back above 792 is encouraging. Would have been better if we held 800 but we had to potential to sell off today and instead we got a > 1% rally.