I had 100 puts on SPY when it was 208, but then sold them at average of 2.2, bought at 1.3. The plan originally was holding onto them until substantial drop, but I got confused browsing stocktwits and this message board. That's 40k potential profits gone =P
This is what I wrote in my journal on 12/8, to prepare for 12/9 trade:
"There is a factor at work here which is "buy the rumor, sell the news" on the fed rate hike, which suggests weakness before fed meeting.
Anther thing is the FANG stocks of facebook, amazon, netflix, google, are all hitting all time highs with insane multiples, at nearly 100+ PE. This is the only thing holding the market together right now, if this pops, the index goes down.
Oil is going to be cheap for a long time, so the energy companies may actually drop huge since they were much lower when oil previously was this low. Earnings cycle is starting and the market won't like what they see in the earnings.
Geopolitically, Syria is getting worse with potential for wide conflict, this means we need protection.
I am hoping for gap up tomorrow to get out of some positions, and get into at least 100 puts on the SPY. I think the big money is going to be made on the drop on the SPY."
To have wrote all that, and then not do it properly, well I want to kill myself.
Lesson to self: STICK TO THE PLAN :)
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