Markets decimated today due to news from the weekend. Nobama forced the CEO of GM to resign. I'm not sure if what Wagoner did was anything too horrible. I believe the reason he still had a job was that the board of directors didn't think anyone else could do a better job. Might be true but I think a change at the top is what GM needs. The problem is that Nobama said that bankruptcy might still be an option which means the government is still deciding what they "think" is good for companies. When the US government starts acting like Cuba/North Korea/Russia/Venezuela/My mom, that is not a good thing.
DOW down 254.16. S&P 500 down 28.41. Portfolio down $2,607.27
4 trades today.
1. Bought to close my open position in MSDY. Sold @ $1.75 and bought back @ $1.55 for an $11 gain after commissions. Not a lot of money but remember I was down over $600 bucks last week on this trade
2. Bought to open BYOEW May 09 $7.50 call @ $.90
3. Bought to open MSDI April 09 $26 call @ $.90
4. Sold Short MKXPP April 90 $16 put @ $.45
So far...down on all 3 open positions. waah waah. Time will tell though.
Monday, March 30, 2009
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