Jumped out of GS

I jumped out of Goldman Sachs (GS) this morning. I didn't like the GS price action, the XLF looked horrible, and the VIX was up after the first hour of trading which all made me not want to be in financial sector call options at the moment. I was also leery about all the earnings expected in the next 36 hours from the financials and decided that I will wait for a definite trend in GS before getting back on-board.

None of the above reasons would have been a reason to sell the stock (if I owned the stock), but I had GS call options, and the risk/reward wasn't there. I was just going to have to be happy with the scalp I was able to achieve with GS.

Finally, I also needed to raise some cash this week to protect against any pull back and this partly achieved it.

I also daytraded some SPY put options this morning for another scalp, riding the S&P from positive territory to down 6 points. A lot of nervousness out there. We need a couple of bellweathers to post good numbers for the bulls to continue to make their case.