Been waiting for these sell down for 2 months now. Finally it arrived - after I lost 3k on Put Options in Dec and Jan ! Was too early by 5 weeks only. If only the Jan option expire next Friday instead of tomorrow. Big mistake to buy Jan 09 options.
Nmd. Recovered half the losses in these Few days with Feb 09 Put Option at 600p for S&P500.
Citi is collapsing to new low. Well I bought just 1 lot of Put at $5 Feb 09. Yiha...just made USD100 bucks..not bad for 1 night.
Now only down by 1.2k.... hope to recovered all losses and profit some more.
I am convinced that S&P will hit 500 this year-just a matter of time.
Perhaps in April or July.
So my strategy will be to prolong the play - I have to limit my monthly exposure to a smaller size - say 1k..
Hope to make a few k this round. Then tens of k in April, followed by hundreds of k in July. Well the economy is facing a black hole - possibly global depression. China may implode with exports down 20% yoy...very bad.
And Asia will be hit big time.
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