Olympiad Day 26

So how did the software fair against the biggest market drop since 2001?

New Positions:
Longs: (these were all stopped out)
194 RSH @ 25.83
92 ABT @ 54.46
73 CL @ 68.60

Shorts:
51 FXI @ 97.81
55 PCP @ 90.31
196 MR @ 25.56
192 VMED @ 26.06

Naked Options Sold:
50 NFI March 10 Calls @ .20
50 FMT March 10 Puts @ .80 <--Big trouble 50 CVTX March 10 Puts @ .15 <--Uhhh, not cool Closed Positions: Sold 63 CSCO @ 26.74 -.82 Sold 116 BBBY @ 41.46 -1.69 Sold 197 PCLN @ 53.01 +2.24 Sold 392 MAT @ 26.25 +.71 Sold 323 NWL @ 30.94 -.04 Sold 54 TSO @ 89.40 -3.1 Sold 203 MT @ 51.28 +2.06 Sold 100 MFE @ 30.86 -.68 Sold 94 XTO @ 52.12 -.83 Sold 100 EDS @ 28.70 -.75 Sold 100 DISH @ 41.64 -.82 Sold 200 NCR @ 47.05 +2.35 Covered 50 THLD March 5 Calls @ .05 +.50 <--Huge Trade (+95%) Covered 55 PCP @ 91.98 -1.67 <--DAYTRADE Sold 194 RSH @ 25.37 -.46 <--DAYTRADE Sold 266 NWS @ 24.41 -.65 Covered 50 Naked NRMX March 15 Puts @ 1.40 -.65 Sold 100 SNE @ 51.74 -1.50 Sold 200 ADP @ 50.00 -.02 Sold 101 ED @ 48.56 -.93 Sold 92 ABT @ 53.27 -1.19 <--DAYTRADE Sold 73 CL @ 66.85 -1.79 <--DAYTRADE Covered 196 MR @ 24.88 +.68 <--DAYTRADE Covered 64 MS @ 75.17 +3.07 Sold 200 NCC @ 37.56 -.62
Well, I think the software faired rather well today given the number of long positions before the big plunge. Fortunately, almost all of them were stopped out as soon as the market opened, which was the high for the indicies. At one point it was actually up, but a growing loss in naked FMT puts sold and a big loss in NMRX took their toll by the end. Also, the naked JADE calls sold last week paid off huge as that stock fell over 12%. But unfortunately, the software blindly sold some naked puts which I think are gonna end up biting the portfolio as this market falls further. FMT in particular posts earnings tomorrow and they are another sub-prime tanker... we'll see.

Closing Liquidation Value: $118,208 -$3,976 <--Could have been much worse...