Daytrader Toad's Recaps, OEX, Options, Investment

Daytrader TOAD's Recaps 1 Past Daily Activities: OR Click here for Spread Sheet of prior trades.

Click here to go to Recaps 2

3/6/98 end of day
Well, it never got to my call today, I was too far out of the money to sell. I didn't send Dr. Greenspan a card and look what happened. Happy birthday Dr. G, Happy Birthday to you. Better time next week, I'm in the pond with both feet spread! Made $2,900 this week - that's OK. Have a great weekend everybody - see you at the market on Monday.

3/6/98 10:15
OK, OK, OK. I should have listened to the TRIN! Market is going up! But, I still have it covered with my spread.

3/5/98 18:30
I hopped back into the Mar500p (OEWOT) - might be a mistake. Now it's a spread again and I'm holding until the morning.

3/5/98 14:30
WOW! What a way to open (especially if you are holding a put!) Intel is part of the OEX - which fueled this drop. I sold the Mar500 put (OEWOT)and thought about getting back in, but the Trin is really funny, like it wants to go back up.
Think I'll see if the call strengthens some - I love this market! More green today!
Non Farm Payroll number coming out on Friday - what will happen then?

3/4/98 16:15
Well, I hopped back into GMGC at 5 1/2 and it promptly dropped! It came back up and hit my sell order at 6, so I'm clean out of GMGC for the day. Wish I could I say the same for my weakening spread. Almost bought some more of the two positions - both the call and the put had $2 trading ranges today - they just didn't trade to my selling point. What do you think toadsters - should I sell them at a loss and get back into this market?

At least I made some green (favorite color) today! See you at the market in the am.

3/4/98 12:15
NEWS FLASH - THE TOAD BOUGHT SOMETHING OTHER THAN AN OEX OPTION!
If it was good enough for Bill, it's good enough for the Toad. (That's Bill Gates NOT Clinton.) Saw that MSFT invested $6 million in General Magic, Inc. (GMGC) - if Bill can put up 6 mil, the Toad should be able to put up 10K. I bought 1000 shares of GMGC at 5 1/4 and the other 1000 at 5 9/32, put in a sell at 5 3/4 and they were sold twenty minutes later. Figure out that annual return Wade Cook! I might go in again, I'm still watching it.

3/3/98 END OF DAY
We got most of today's small gain during the last 15 minutes. Thought the call (Mar505c OEWCA) might sell before the options closed, but it only went up to 7 1/4 - (which was the high of the day.) Still holding the two open positions. What do I have to do?? How about a triple toe loop followed by a.. no, that won't work for a toad. Let's hop on to Wednesday. See you there.

3/3/98 12:35
OK, what do I have to buy to get this market to move?? Tuesday, YAWN.

3/2/98
Can you say BORING? - Monday, YAWN. OEX went up 2 and down 2 most of the day finishing down 1.09. Hardly worth getting off of the old toad stool today. What will we do tomorrow? Let's hope for some more action in the pond. I'm still in and holding both positions.

2/27/98 end of day report
Market said nope - didn't go high enough to sell my call and didn't go low enough to sell my put. Seemed to be stuck -don't know if anyone noticed but the OEX (S&P 100) finished the day up a big +0.41 - boring!

So the Toad is in a spread over the weekend. That doesn't sound comfortable - especially for a toad that wants to be out of the market on weekends! Good news is - the Toad doesn't care which way the market moves on Monday, we just need a move to leg out of this spread. Haven't made any green since Wednesday!

I'll be holding my breath and waiting for the bell on Monday.

2/27/98 11:30
I bought the Mar505c (OEWCA) because the market wants to go up & up. I still have the Mar500p (OEWOT) - I've got it covered no matter which way the market decides to go! This is now a spread. Let's see what hoppens today. Doesn't the market go up on Fridays?

2/26/98 16:25
I'm still in the Mar500p (OEWOT) and there was profit taking today - it went as high as 8 3/4 - maybe I should have hopped out. My sell was set at 9 1/2. May go ahead and open the other leg of a spread if I don't get out of this position soon. Doesn't the market go down on Fridays?

2/25/98 15:45
Hopped into a put! Market was going down so bought the Mar500p (OEWOT) at 8 1/8. Have a sell in so lets look for a some profit taking and we can make a little on this one.

2/25/98 15:30
Sold the Mar500c (OEWCT) at $8.00 could have held out longer for $9.00 or higher, but I was happy to hop out for now. Didn't know if the up reaction to Dr. G was going to hold today. Looking to get back into another, but the market went sideways with a downward trend after 11:00. The TICK jumped up over 500 points from 1:30 to 1:45 and I didn't hop in because everything was screaming up; I didn't want to buy at the high of the day. A sell program hit around 3:15 - maybe I'll go buy something now..

2/24/98 14:30
I hopped out of the Mar500c (OEWCT) and then for some reason, I jumped back in about an hour later. I'm back in at 7 1/2 and the market promptly went south. I have a sell in at $8 let's hope it gets there again. (It is now down to 6 3/4). Next position I open will be more in the money.

2/23/98 16:50
Hopped into the March options today, bought the Mar500c (OEWCT) - this sucker is good for almost one month and I expect the market to go up sometime between now and expiration Friday!

Had 1/2 profit in the position at market close and didn't take it. I'm holding overnight because the good Dr. is speaking at 10:00 in the morning (semi-annual Humphrey-Hawkins testimony) - when he speaks the market can do most anything. One of the directions would be good for the Toad!

See you at the testimony. (Not Starr's - GREENSPAN'S!)

2/20/98 16:30
Options expiration Friday. Double Witching Friday. The market promptly dumped in the am and then turned around at 12:30 and closed higher. I had a signal to be a seller until 12:30 and then it went to buy... I avoid trading on most expiration Fridays because you see so much volatility, "squeeze plays" for people still holding options and just general junk. There was money to be made, but the Toad wasn't going to jump into a boiling pot. Nothing open, sitting on 100% cash.

The cash does earn money market rates, but I don't pay any attention to that money.

Have a good weekend everyone & see you at the market on Monday.

2/19/98
Didn't even get my feet wet today, sat by the edge of the pond and enjoyed the weather.
Market (OEX) closed at 494.13 on 2/18 and today dropped to around 491.2 by 10:30. Then it moved in a trading range the rest of the day. All the indicators were sluggish, no good direction.

Had I held the puts from 2/18 I could have made a bunch more. Did you hear the one about "If a frog had wings, it's butt wouldn't hit the floor each time it hopped." It's all history and so am I.

Don't think I'll do much else this week. I'm looking at the March options. See you at the market.

2/18/98
Dark days for the Toad; I hate options expiration week.

I dumped the Feb490c (OEXBR) after 11:00 when it looked like the market was falling apart. THEN THE MARKET WENT UP 2 POINTS BEFORE IT CLOSED, but it doesn't bother me.... Had I held on, the Feb490 calls went as high as 5 3/4 - which would have made me profitable, but it doesn't bother me...

So, what have we learned tadpoles? OPTIONS LESION: Options expire the third Friday of the month, which means if a position is not "in the money" the position expires WORTHLESS. If you open a position in the last week of options trading you have to close it out before it expires.

Well, the Toad was unhoppy; so I hopped into a put Feb495p (OEXNS) and made a little back today. I bought it at 12:47 and sold it at 15:12 for a small gain. That made me feel better and I got my natural green complexion back.

Better days ahead - I'm outta here.

2/17/98
Hopped into the Feb490c (OEXBR) because I expected the market to go up and it dumped on me. (Sounds like the words to a sad country song I know.) With only three days until these options expire, I didn't want to sit on them very long. When the OEX closed down 3 1/2 points from my entry, I sold 1/2 of the position at a loss (after the market closed and options were still trading.) I'm holding the rest of the position overnight. Watch out when you are in the last week of options trading! If this were a different week with more time to expiration, I would have held the position.

Two croaker day...

2/16/98
No market today. Hoppy President's Day Monica.

2/15/98 13:45
BANG! I think someone was giging frogs in my pond today. I'm out of the OEXNR Feb490p at a loss. I'll have 3 days to dry my feet and figure out why I didn't sell on Thursday.

Mrs. Toad (I think she is actually a Frog) and I are headed to the Garden of Good & Evil for the weekend to celebrate our wedding anniversary - so I had to get out early.

Hoppy Friday the 13.

I'm gone.

2/12/98 15:55
Hopped into a put today (OEXNR Feb490p) and I guess I was asleep when it was in the money, now I'm holding overnight and need the market to head south on Friday the 13th. I guess I needed to give some back to the OEX gods - think I broke one of my rules again. WHEN YOU ARE MAKING MONEY - GET OUT!

Sadly, the Toad is in the water, waiting until Friday...

2/11/98 16:50
Slow day at the pond, the Toad stayed out of the water all day today. We were in a trading range and nothing was happening a l l d a y . . . . . . . .

Never saw a good opportunity to open a position, so I'm still flat and in cash. See you Thursday.

2/10/98 16:40
Before I went to sleep last night, I changed my sell order to $10 (OEXBP Feb480c) expecting the market to jump up on open and it did. But my calls only went to $9 and then the market headed south. As I watched the market I considered hopping out, but my position only dropped to 7 3/4. I was back to cost by 10:30 and it hit my sell point and I was out at 11:03.

I did try to raise my sell point but the market was moving too fast and I was out at $10; in the next hour the calls went up $2.00 more. I will not complain about making $3,890 in 24 hours!

From about 12:00 on the market was in a trading range and I didn't see a good time to get back in.

I'm in cash and sitting on the side of the pond until Wednesday.

2/9/98 16:35
It's Monday and I bought the OEXBP Feb480c AGAIN! Hopped in at $8 and tried to get 9 1/2; market went sideways most of the day with a surge at the end. The call got as high as 8 1/2 around 2:30; looks like I'm holding overnight again. Let's look for the market to hop up and I'll get out in the morning.

2/6/98 15:20
Well, the week is over for the Toad. I played the OEXBP Feb480c one more time. Got in at 8 3/4 and back out at 9 1/2.

With this trade, I'm going to call it a week; don't want to open anything and run the risk of holding it over the weekend. Had enough trouble with long-term investments this week. Was a good week and would have been better without the Feb470 puts that tanked. Am I still learning? - You bet!

Have a good weekend everyone & see you at the market on Monday.

2/5/98
Finally got out of the OEXBP Feb480c at my price of $10; they hit a high of 10 1/4 before the market turned south. I'm out of this long-term investment - another 4 1/2 hours and I would have been invested for two days!

I'm looking around the pond for another one, I'll let you know when I open another position.
Hmmm..market's saying it is going further south, a put may be in order soon.

2/4/98
Asleep in the pond today, no change in position. I watched my OEXBP Feb480 calls go to $9 and thought they would hit my sell point of $10 - they didn't and I'm still holding. I think I broke another rule today; don't get greedy...

'Til the morrow,

2/3/98
I hopped in at 1:00 today and purchased the OEXBO Feb475c at 9 3/4 and the market abruptly turned around. The market was around 477.80 when I bought and the options dropped to $9 bid which was getting close to me pulling the plug. I held on and they sold at 3:00 for $10 3/4 - they did go as high as 11 1/2. I felt the market was going to go up and it did.

Note: Had I purchased puts at the same time, I could have made 3/8 on the Feb475p.

THEN, I hopped back in and purchased the OEXBP Feb480c at 7 5/8. I could have sold them at 8 1/8 at market close, but....... I'm still in and waiting for the morning. I hate it when I do that.

Good trading,

2/2/98 15:36
Hopped in (at 10 1/8) bought the OEXBO Feb475 calls and hopped back out about 50 minutes later. I tried to sell @$11 but it ran down so I closed the position at 10 7/8 picking up 3/4 on the transaction. I'll take it.

Dumped the OEXNN Feb470 puts at $5 for a $3 loss, didn't think the market was going to come back down today. At this writing (15:45), it looks like the market is coming down - maybe I shouldn't have hopped out
so soon....

2/2/98 11:22
Thanks eTrade! I had a sell in at $12 for the Feb 470c and when I got back from working out this morning, I saw they sold me out at $14!

I'm still holding the Feb470p and the market is dropping right now. Will see what happens through the day today and I may hop out of that position.

1/30/98 18:06
I have a long OEX straddle at 470. (I bought both calls and puts at the same strike price.)

Thought I might hop out of one side, but not enough movement; l should have gone sailing today.

If the market moves fast on Monday, I'll take profit on one and re-analize my other position. If it is a wild day, I can make money on both of them. Don't like being long over a weekend, but with straddle, I have some insurance. This is a losing position if the market does not move at all between now and February 20th when options expire.

Stubbed my toe recently with my OEX's, but I have some BBY in my stock accts. :-)

Have a great weekend.

1/30/98 15:50
I've opened up a Feb470 straddle, bought both sides of the OEX 470. I had the call and now have opened up the same number of contracts of the OEXNN Feb470 puts.

I'm covering the market no matter where it goes!

1/30/98 12:20
Opened a position at 12:15. Purchased OEXBN Feb460c.

1/29/98 16:33
The TOAD was bad today. Broke the rules on the 27th by not taking a small loss and going to cash at the end of the day. Felt the market said it was weak and going to drop - then held for same faulty reason through the 28th. Paid the price today, made some money on the OEX Feb 460 Calls like I'm supposed to and lost on the Feb 465 Puts from the 27th. Actually, I lost the money on the 27th and the 28th.

If the market tanks on Friday, I'm going to hop back into puts.

This day was a 3 croaker.....

1/27/98 12:04
Sold the OEXBL Feb465c for 9 1/2 that were purchased yesterday morning for 9 and then got back in about 30 minutes later with the OEXNM Feb465p at $11.

1/23/98 End of week commentary:
What a crazy week. Clinton was even playing puts this week (put it to...) I should have taken his lead and stuck with puts. Lost money on the Feb 460 calls (OEXBM) and made half of it back on the Feb 450 puts
(OEXNJ). I should have purchased the puts closer to the money and I would have been out a lot sooner.

I am out of all positions as of 11:09 this morning. I will update if I open another position. Probably won't happen until Monday AM.

Have a good weekend.

Past performance is no guarantee of future returns.

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