Yesterday the market hesitated again because reality set in. Our profits have been solid 17 of the last 18 trades, and we've hit all Dow projections.
So many compliments have come from subscribers that I know the risk is higher. By this I mean that the bias is now so unclear I am now guessing, and when I begin to do this, I know the risk is higher, and our chance of loss greater.
Friday is historically more of a down day. It's not wise to hold a May option over the weekend with time erosion, and I personally am uncomfortable recommending any new trade.
Our higher risk call trade yesterday was profitable for an average of 1.50 a contract, but very light trading, and only for traders watching the market carefully.
Interesting commentary from a new Level 3 trader says this well:
"I could have bought at $6.80 and sold at $8.70 at day’s end, though you are right probably wouldn’t have waited til day’s end.
Doesn’t it make more sense for us “still little guy” investors to NOT trade in a “non-bias” tight market like today and wait for better more-indications markets to be more sure. . . . ?
If I would have bought 2 contracts today and risked $1300 I would have made $150.
I made $500 on ALY while I watched. . . . Asking.” - R
And, from a day trader:
"Hit 1.50 on the call, and got out but the market simply too flat. I'm out"-PW
Sorry, all, but it's time to fish. No new trades yet.
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