Weekly ReCap

I waited until today to recap the week. I was too depressed yesterday to relive the week. It started out so well. That is because I am heavy technology and they held up to the negative tape early in the week.

The week started with me buying ANSS and UA (again). It also had me defending GRMN by adding more calls as the stock broke down through $95. I also sold the last of my NVDA. It was a great run, but time to rotate out.

Tuesday saw ROCM continue to free fall and I added shares like crazy. GRMN also looked like it had bottomed (it turned out wrong). Tuesday also saw me dumping UA for a loss again. Holding a retailer has been ugly and it broke through my support line again.

Wednesday was a perfect trading day for me. The day started with an ROCM upgrade that saw the stock move up 12%. I had to take profits on that move and reduced by 20%. I was also able to turn really bad news into only a minor disaster. GRMN was outbid by TomTom causing the stock to dive again. I was able to put a collar on my positions, however, and rode the stock down completely hedged, selling my collar (puts) for a 25% profit at the end of the day. At this point, even though Wednesday's close was ugly, I felt pretty lucky considering the damage I was seeing to other sectors and stocks - I was still in decent shape.

What I didn't realize is that technology was getting taken out and shot. I did buy some SPY puts to hedge at the close when I saw that the shorts were not covering, but it would not be enough to hold back the bear.

Thursday was a bad day. I traded badly. I made no money on those SPY puts because I got head faked out of them. GRMN was tanking and it forced me to roll over out-of-the-money calls into closer at-the-money calls to maximize the delta. It was time to get simple and focus on only a few core positions. I sold ANSS to raise cash (I had to to maximize my call position) and peeled off more ROCM. The day was ugly giving me my biggest loss since August by a long shot (we are talking 10% here).

Friday morning saw me putting all my remaining cash to work by buying AAPL calls - this stock has now been in a 3-day free fall. Another ugly day. The bulls looked like they would turn it going into 3 pm, but the selling was too much and they covered.

I am now cheer leading and watching those charts.