I sold all my long positions, outlined below:
Bought OOCLA at $130
Sold OOCLA at $140
Total Gain on Trade: 7.6%
This was my dreaded DRYS calls, I was happy to let them go at a profit. I don't think the company can last much longer as rates keep on dropping and their debt obligations keep on piling up.
Bought CLQ at $44
Sold CLQ at $80
Total Gain on Trade: 81%
Sold my calls options on Citi because I think markets will continue to go down in the near term. We had a nice 4 days up and I was happy to take advantage of that with these calls.
And positioned myself for the next few weeks:
Bought OOCXA at $120
I bought puts on DRYS because I don't have any faith in the company. Also, if I'm not buying a stock, it makes sense to sell it.
It was a good week, I reversed from going short last week to going long at the right time and was able to capitalize on the four day rally we had. I'm happy that I anticipated this trend and was positioned to take advantage of it.
On this day of thanks, I'd like to give my thanks to all of you that are reading this. Hope you all have a brilliant day!
-Nik
On a personal note: My heart goes out to all those affected by the terrorist attacks in Bombay. I was born in Bombay and have spent a lot of time there - it's my favorite city on this planet. I also have a lot of family and incredibly close friends there. For these reasons it's disheartening to see a bunch of cowards turn the city upside down. Bombay is a resilient city and will bounce back from this, the financial effects are yet to be seen as the Bombay Stock Exchange was closed today.
My beautiful city, I hope you get back on your feet soon.
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