Sold out of FXI up 20% today. Market still looks to move downward.
Sold out of my FXI position at $1.35. I bought two more contracts yesterday at $.45 averaging my option price to $1.08 profiting myself today up 20%. I saw it start to move down and the Nasdaq was dropping faster so I thought the right decision since I didn’t know if this was a slight correction or a continuing downward trend was to sell and see what happens tomorrow. If stocks will move higher they will open higher and continue to trade higher tomorrow. If they open lower then they will go lower at least from my chart anaylsis.
I was pretty convinced FXI would move back up, but I was fortunate that the Bulls stepped in buying at low 3% off prices and made stocks trade higher today. I’m actually happy with my 20% even though it has probably been the smallest return in months, although its a positive return! Not a negative or $0 worth nothing option and remember this was a Dec 06 option! Meaning if the market continuing to go down my option would of been worthless day by day to finally $0. Thank you God, although I know you don’t move the market, but I am thankful for bigger players buying in.