Well, this week the market reversed and stocks ralled to retest the last high again. My profitable bearish positions has all taken a beating. Under these circumstances, it is challenging to hold on when the market reverses on you though. Even though the strategy is correct, it is tough to take off the position when it is loosing.

Well, I have to do just that to cut my losses. Many traders fall into the trap of hoping the market will reverse and wait longer especially when the positions were profitable in the first to begin with.  This is one of the surest way to loose.

I took off  4 positions this week. 3 for the profits and 1 for the lost. The remaining positions are still ok , it will depend on how each moves with the market. I am pleased that Verizon had gapped down but it was falling into a congested zone and I will take my profits and leave some on the table .

Closed positions to date:

PL $260.00

Open positions :-

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Yesterday a couple of my bear positions triggered and I took 4 more positions. Meanwhile the others like ERTS and DISCA is moving rather well as others are just starting to inch along. Closed out TYC as it has moved beyond my stop loss and have to lick my losses on this one.

The lone bull warrior is hitting resistance at around $21.90 and I took out one to claim the profit and leave one to see how it goes and if breaks the resistance, that will be my runner.

3 out of 4 positions are moving to positive territory . Market is on pullback after hitting strong resistance.

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On 28 Jul, some of my bearish positions triggered and I put on a couple of more positions. I was travelling after for the rest of the week and didn’t put have access to the market for until 31 Jul when I found that the market had made a U-turn after I entered and then another U-turn down as the week ends.

SYMC , my sole warrior on the bull side were the loser last week and turned shining hero after it gapped up. Next week I will monitor it if it can break a 2 year resistance past $22 and if not, I will close it to take my profits.

TYC was the bad performer when it made its way lower and then gapped up as I was away. I didn’t put in a stop and had taken more loss than I would normally. Anyway, the premium left was low and I left it till Fri when it cam down to try to close the gap. If next week it can’t break lower, i will have to close it out and lick my loss.

DD didn’t follow through on its bear run and I am watching it though it is now made a lower high and going to retest the last support.

ERTS made a nice gap down and is set at moving lower so that was nice. Overall my July month ended with just a small profit which is ok considering that we are in range market at the moment. Some traders might just look at iron condor strategy to take advantage of some stocks that might be trading rangebound later.

July closed positions

PL $590.00

Open Positions

Unrealized PL +385.00

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The difficulty I have to properly  edit and manage the previous blogs gave me the reason now to run my own blog from my own site. In the future, all updates will be featured here and I will disable the others at wordpress and delishio once things are normal again.

Well, as I write, the market is making a rebound up. My puts positions are not making that much profits, some are at minor loss but Merck has gapped downed since I put on the position and I took one out for profits to keep and left some money still on the table with a stop just above the gap.

I have added on YHOO and SYMC , the first a bear position and the latter, a bull position as they were triggered. So far, CHKP has turned me out and got me in the red. I might have to close it and lick my little loss. Merck is showing dojis on the 2nd day now but volume is low so we will see where it goes from here pending the negative news about its cancer drug.

Wow, I see the difference in running your own wordpress ! Need to spruce things up so that it will be esier on the eyes for you all who reads this….

Unrealized profits so far +259.00

Closed position for the month:

PL + 460.00

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Two positions triggered for bearish positions

CHKP  21-Jul   SEP 22.5 PUT    1.15    2
MRK   21-Jul   SEP 35 PUT        1.55    2

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