SSO - Position Update

Written on February 13, 2009 – 8:58 am | by admin

This morning I sold part of my etf position in SSO that I had bought at $21 & $22.  I sold the 7 shares I bought yesterday at the day’s low around $21.  The market wasn’t acting the way I thought it would (rally from the start, it actually looks weak) so I decided I would take my 5+%  and I already put in an order to buy at $21 should it get there again.  Eventually I have the idea of making this a full 100 shares and starting a covered call position.  However, if I keep buying at the bottom and then it rallies 5%, I have to sell.  I have to take a 5% profit in a day.  It would be irresponsible of me if I didn’t.

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