11/4 - 11/7 Day/swingtrades

This week, there were more headlines on the ailing automobile industry. The GMs and Fords have been important to the US for the past century. However, over time, management changes, unions (IMO, primary problem) and government bailouts have changed the landscape. Our automobile industry can no longer compete in the world economy. The GMs and Fords have become benefit administrators and they're horrible at it. Any additional government assistance will just prolong the inevitable failure of this industry. I would rather see the government provide financial assistance to relocate and/or retrain our autoworkers in industries that are more competitive. Think outside the box like those geniuses over at Porsche:

http://news.yahoo.com/s/ap/20081107/ap_on_bi_ge/eu_germany_earns_porsche

Another interesting story is Yahoo. This is why company founders should not be running their own companies. Similar to many of my bad trades, Jerry Yang got too emotional with his position (YHOO holdings). Microsoft offered $33 and Jerry held out for $37 with no stop in place....now trading @ $12.20:

http://finance.yahoo.com/tech-ticker/article/122751/Jerry-Yang

As for my trading, I had too many meetings to attend and deliverables to crank out at work this week so I kept the trading extremely light. I also let a $3+ profit on the LDK position fade on me so that was a good sign that my head was not in the game.



LDK - I picked up Nov 15 Calls late Monday for a "Stewie" ONH hold/setup. I got the gap open on Tuesday that I was looking for and actually pulled the quote up while at work and saw LDK print 26.50. I should have raised the stop at that point but left it at break-even which was taken out the next day.



BUCY - I had picked up the Nov 30 Calls a few weeks ago. The stock tanked down to below $20 so I was very happy to see it climb back up to $28+. I used this opportunity to exit the position for $0.50 loss. Last week, these calls were printing $0.30 which was a $2.00 paper loss at the time.



UYG - I had higher hopes for this one as it actually traded up to 11.00 on Tuesday. I closed the position @ 10.00 for $0.50 profit on calls and shares.

I'm hoping for a lighter week so I can get in some decent trades in the mornings.