Friday, July 11, 2008

KM: 7/10/08 Sales

Sold: V put
Closing Price: 77.25

Reason: the daily triangle pattern was not a strong enough reason to hold this position. In the middle of the day, as it recovered its morning losses and was beginning to rally back up, my 30 min chart told me that V will most likely go sideways than down. My system was not a sure 100% sell but using money management, i believed that my portfolio was actually way too bearish for such a sideways market. It was a hard decision to sell it, but in the end i got a good price for the day. I sold when V was down 0.5%. In looking at the daily chart now, i see that 75 is a very strong support and until V can close below it, i don't see much reason to get back into a put for Visa.

No comments: