Great trading isn’t always about buying and selling…
And they’re off. Up along the outside, it’s Autodesk, which has been one of the single most volatile stocks in the market since we first bought it, right around these levels just a couple weeks ago. Bumping each other in the middle as they jockey for position is Microsoft and Adtran, both up nicely in recent days. Trailing behind this morning is Apple which is actually down 77 cents on the day.
Wells Fargo is also up again today and it’s now bounced about 15% from its recent lows where we were selling our nicely profitable puts. (
Heading into the close, I’ve done a few more trades… and I am going to step in…). I’d like to build this short position back up again, but it’s trading thickly to the upside lately and I think the near-term strength in the name is likely to continue. So I wait for a better pitch.
As you guys know, I’ve got a lot of longs and a lot of calls and I was covering shorts and selling puts during that big recent crashing. That was the hard part. Now I’m trying to let these positions play themselves out for us a little bit.
Great trading isn’t always about buying and selling. Sometimes it’s about holding. So I hold steady for now as the playbook tells us to.