Cruzship,
I just woke up and started to do my homework for today’s trading when I read your reply. Thank you for your input. My targets are probabilities and chances of achieving a price, they are not lines in the sand, many things influence markets and it is still not complete science other wise a person with a billion dollars will never lose. Every one knows recession is coming but no body is ready to discount it 12 months in advance, because of Iraq war extra spending is shot in the arm so we keep on moving. I was correct few times I was just lucky I could be wrong also. I went long against my puts so I was able to win some; a better play was staying long but odds as I thought at that time was slim and on this board every one was bearish, which did influenced my trading little bit. It is not important in this game to be right on our view but important thing is making money, so I congratulate you on great performance, keep doing it. I have decided to take profit on short if it comes and then look for other resistance areas. My conviction to bearish camp is 70% at this time. I am short from 41.26 and my stop is 41.60.
Good luck to all.
Farooq
