AMR looks to be in an established downtrend. As you mentioned, I liked it around $28.3. I closed it on Friday before a retracement, and I missed today's re-entry when it gapped down. I think that now AMR is due for another short term upward retracement: this seems not to be a good short entry point. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1073645>
I liked it short but didn't trade it because I saw strong support at $26. Blew right through it today though. Next support at $23-ish.
Looks like HPQ is headed north of the recently broken support. I think I'll wait to see if it stops again at 34.
Lately I don't seem to have a good grip on HPQ, so I should better keep my opinions about it for myself . <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1074179>
Today's Action Cont. BTC 6 SPX MAY 1275 p @ 3.30 BTC 6 SPX MAY 1265 p @ 2.85 Year to Date P/L Account Value: $12,919.00 YTD Gross P/L: 3,315.00 YTD Commiss: 396.00 YTD Net P/L: 2,919.00 YTD % P/L: 29.2% The plan was originally to roll down/out on the SPX bull puts, but when the CPI came in so high I got worried that this might be a sustained drop. When the underlying bounced this morning just after the open, I thought we might be seeing some strength. I waited for it to make new lows and bought back the 1275 shorts anticipating that it would continue down. Problem was that I only had 2 days til expiry and the longs were still pretty far OTM. The other problem was that I had a meeting to go to, so I set a limit order to sell at just above B/E. I could've made more if I'd have been around, but I can't complain about B/E. For any beginners that might follow this, I generally wouldn't leg out like this when the longs are that far OTM (especially on SPX), but today was a pretty easy day to anticipate market movement.
This is HPQ's short entry chart: <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1074851>
Cache Landing, I don't intend to hijack your thread. Please let me know if you think I post too much on your thread.