no plays today – wait for signals on monday
i checked stocks and everything was down. the presidential debate put me to sleep. so i decided since i really didn’t have a feel where the market would go next (although i would have practiced calls) i plan to start my plays on monday. the bailout plan should impact the markets until its finished. i wasn’t paying attention to Wachovia Bank (WB). its at $8 bucks currently falling hard. i didn’t have a clue Wachovia was with the gang of troubled banks. this bank is a huge one all over the east coast. i have a savings account with them i use for collecting and paying for my rent/mortgage. i don’t have much in there, but i predict if it is having serious problems it will likely go to $1 too. i would be playing puts on it. actually, that would be a great practice trade. i’m feeling lazy so i’d play in the money puts on it today at $10.00 (currently already down to around $8). it should likely fall further with more negative news.
i’m almost done with my short patrol at sea. the south pacific is so blue. i’m hoping to hit this bouy in the middle of no where that has excellent fishing. i’d truly love to catch a big fish.
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This entry was posted on September 28, 2008 by Paul Awol. It was filed under trading stock options and was tagged with boring presidential debates, monday markets, patrol, put option practice trading, sea time, troubled problem bank stocks, Wachovia, WB.