I wasn’t sure if I did the right thing yesterday when I opened a position with the intention to scalp Google Inc. The stock was floating within the range of $660 and $654 for more than 3 hours. Once it breached below $651, I knew the stock was heading south for the rest of the day and so I was relieved. The instability of Dow and Nasdaq as if they were constipating helped in my decision after the technical rebound on Tuesday, 13th Nov.
Today, I closed the position, GOOG Dec 660 Put Option after I sensed it was trying to breach the $648 level although at the time of writing it appears to be too weak a creature to push above that. It’s been on zig-zag trend almost the whole trading day – not a good sign to scalp again. Anyway tomorrow is expiration Friday and the volatility is going to be more fun.
The stock markets are still in the uncertain stage, going up into positive territory and minutes later going down into the red. This is the stage where your emotion, fear and greed, is better put to test. Get the hang of it and the next round the wave of tsunami comes splashing, you would survive.
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November 15th, 2007 by financetwitter
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