Olympiad Day 34 (FINAL DAY)

Well, today was the last day for the competition and the program went out in flying colors. The positions in FMT and LEND paid off big as they dropped hard on the imminent bankruptcy of competitor NEW (and can't help but wonder where I would be in the standings if all those NEW and NFI puts were held... oh well). But it was definately a good day and the market couldn't have worked out better for the software. No new positions were entered except for a glitch that caused a long position of JADE calls to be taken when the software was trying to take profits on the Naked JADE calls it had sold. Here is one final screen shot. I will post a follow up next week with my final overall standing, but you can find it in the link to the left. Thanks for all your support!!


Closing Liquidation Value: $123,551 +$741 (23.5% in 7 weeks!!)

Olympiad Day 33

Closing Liquidation Value: $122,810 +$283 (was up much more earlier in the day)

Olympiad Day 32

Unsuprisingly, the sub-primes had a major role in the fate of the software today. The LEND calls sold yesterday initially did well as the bad credit lender dropped almost 20% on a downgrade. But then the software made the worst trade I have seen thusfar, it sold 70 FMT March 10 Calls for .10 each, the way the code is currently written this trade can not make more than $350. However, this trade could potentially lose alot of money and in fact it did, very rapidly. By the close the position was down almost $1.4k. And how could I forget CVTX, it gapped down and closed -24%. The software was short 50 puts there and the position was closed out at a surprisingly small loss while the NEW Puts were up enough to be sold for a larger profit.

Closing Liquidation Value: $122,528 -$1,390

No Worries, the sub-primes have no reason to rally here, but I admit I am very vulnerable to a quick move up in that sector. I know FMT is down a bit after hours and they all closed ugly so we'll see. Lets just say I won't lose any sleep over it tonight.

Olympiad Day 31

Closing Liquidation Value: $123,918

Olympiad Day 30

What an amazing day for the portfolio it was after the sub-prime lenders (NEW, NFI, LEND, FMT, etc) all fell hard again. The sub-prime implosion has taken this software for a ride over the last 7 weeks. First it was trying to short NFI day after day, but no shares were available. On day five LEND got shorted at 25.80 and was quickly covered for a .27 loss by the end of day (it hit a low of 15 today, 42% lower). Then on day fifteen the software had two of its sweetest entries ever:

"Shorts:
389 FMT @ 12.47
528 NEW @ 18.93"

NEW was stopped out that day down 2.15, a sweet intraday profit and even though the position was closed weeks ago FMT fell as low as 5.50 today (44% drop)!! Then on day sixteen without realizing that a new option buying routine had been left accidentally "on" (uncommented) in the software bought NFI puts to go with a failed attempt to short the stock (which it had been unable to do for two weeks). This trade was forgotten until day 21 when the software took an even larger stake in NFI's demise by selling 50 naked calls in the stock the day before earnings (since they were so expensive and the stock ran up). Then the stock cratered 45% overnight on the fear that NFI, like NEW was may be about to go bankrupt. Those taken profits vaulted the software into the top 13 contention, although if the put position had been held( and profits not taken) I would be in the top 3. These sub primers also snagged the program on the downside in a few cases. Naked puts were sold on FMT and NEW at one point, both were stopped out at over 100% losses. And these positions would have destroyed the account if they had been held to present day. I thought the software was finally through with this roller coaster until today when I realized how big of a deal a small glitch in the closing of the NEW position was. This glitch resulted in a net long position of six NEW march 15 puts, by complete chance. When the stock imploded down 70% to 4$ today on news that they face a criminal probe and can't fulfill financial obligations, you can imagine how much these six puts moved. Now the software is back where it was before the big crash last week but now in a much more bearish stance and it would appear nothing will stand in its way of going all the way till Friday in the top thirteen (knock on wood) x 6 .



Closing Liquidation Value: $123,519 +$5,887

Olympiad Day 29

Closing Liquidation Value: $117,632 up!

Olympiad Day 28

Closing Liquidation: $116,476