Recap. End of February

Today was a horrible day for the US and for Luigi's portfolio (portfolio down $2,225.51). The GDP number for economic output was revised lower to a 6.2% drop which led to a horrible drop in the market and the US just announced they are taking a 36% equity stake in Citi by converting their preferred shares. Those motherfukckckc bastards. This sent everything lower all day. As you remember from yesterday, I predicted a drop for the market in the afternoon, but not all day.

I also talked about writing a naked equity put for JPM, but the premiums in the morning, even with the drop, didn't compel me to buy. I really had no time to do anything yesterday because of work so I made a quick and dirty trade early in the morning. I sold an MS March 18 put (MSOP) for $1.30 which means if I get assigned, I will be in the trade for a cost basis of $18-1.30 or $16.7 which would be an excellent price for MS. MS ended the day @ $19.54

BAC took another dump today moving down $1.37 to end the day @ $3.95. The call I sold against BAC in my Roth IRA is looking delicious right now. The stock in my portfolio, not so much. Remember that my latest trade in BAC has me in at $3.75 after the premium from the put I sold.

GE announced today that they are cutting their dividend from $.31 to $.10 cents. Oh Noez!!! Not good for my portfolio. GE down -6.48%.

RECAP Feb 23-27

Portfolio - Down $1,124.05

Dow         - Down  302.94

S&P 500  - Down  34.96

Trades             - 4

Trades Closed -2

Winners          - N/A (sold mutual funds....thank god)

Losers             - N/A (everyone who lost money this week)

Dividends       - N/A (update from last week. I forget I had $14.82 hit the account from PGH)

Sorry if some things don't make sense. I'm really drunk... I'll edit it later to fix any huge mistakes.