Wow - two positions in a row where I got out a couple of days too early. The first one was Goldman Sachs (GS) calls. Got out in the morning and by that evening, the options were worth 3 times as much. Also, a couple of days ago, I sold my NetFlix calls for 1.10 - today the same calls were fetching over $5. So correct picks, wrong exit times. I am going to have to go back and reevaluate my holding strategy. Don't get me wrong, I made money on the NetFlix options, but I could have made a LOT more.
Market dropped like a rock today. The DOW was unable to break to the upside thru the resistance point I talked about earlier around 10,600-10,700 range. It peaked its head above then fell. This could be the top of the right shoulder in a head and shoulder pattern (Weekly chart) and should be watched closely. I am not trying to predict anything here, just let the market action do the talking and see how the market does by the end of the week. If we get most of the loss back by this Friday, then maybe this market has more strength than I give it credit for.
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