10/14 Day/swingtrades

Apparently, even the "professionals" are getting killed. Here's a link to the Journal article:

http://online.wsj.com/article/SB122394318763531045.html

"...Mr. Cohen, for instance, sold near half of his stock holdings last week, closing out the positions of roughly 50 managers who work for him because he felt they "weren't seeing the ball," says a person familiar with the situation. Mr. Cohen's decision was made at the end of September and comes from an attempt to stem this year's losses. He now plans to keep that money on the market sidelines for the rest of the year, though he is still trading a small portfolio, along with a few other managers. The managers whose portfolios were shut are feeding Mr. Cohen short-term trading ideas, the person says."

This morning's gap open was the perfect selling opportunity after the monster run-up yesterday. I was so busy closing out long positions in the first 30-40 minutes that I missed some opportunities to go short. I'm back to cash and will see how the market reacts to earnings.

GS - 2 weeks ago, I picked up a few Oct 130 Calls. I had assumed these would expire worthless. Instead, I used this morning's strength to close out the calls for only $0.50 (vs. 3.50 yesterday) loss.

MS - This was the biggest overnight winner for me due to my position size. I picked up $3.50 on the Oct 19 Calls. The Calls were only trading @ 1.15 when I bought them yesterday. The chart is very similar to that of UYG. For some reason, my charting software won't send me the chart for MS.

UYG - I closed this position at the open for $2.00 profit on the Oct 8 Calls.

AAPL - This was weak all day. I started this position with Oct 95 Calls on Friday when AAPL was back @ $95+ so I let it slip a couple dollars before finally exiting yesterday's Oct 110 Calls @ $112+ for $2.50 profit. I tried going short with Oct 110 Puts late in the day but got stopped out for $1.00 loss.