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August 15th, 2007 at 9:09 pm
From what I’ve seen, Optrader’s approach (trade the trend) is the most sensible and doesn’t really require that one take a stand. We all know that isn’t such easy thing to do. For instance, in the last two weeks, the only new positions I’ve added are index puts or selling calls and subsequently taking them out at a profit – all playing to the recent bearish environment. I’m not planning on adding any new positions until there is a clear indication that the trend has reversed. Having said that, I’ve incorrectly (in retrospect) held on to some long calls, thinking they would bounce back. But, with major support lines broken (indices as well as GOOG & AAPL today), I have to admit it is finally time to close those out so I don’t end up fighting the trend. Thanks, Optrader for that reminder.