Holy Crap!!

What a difference a weekend makes. BAC came out with earnings today that beat estimates. The bad news in the conference was the large increase for loan losses. Ken Lewis, the CEO, also mentioned how the worst is yet to come in the credit markets and that he doesn't see that changing anytime soon. Not good news for the market, not good news for anyone.

DOW was down 289.60 points (-3.56%) with the S&P 500 down 37.21 points (-4.28%). A freaking blood bath today in the Portfolio, down $4,868.94.......Sigh.....

What went wrong?

BAC -24.34%
ETFC -17.44%
GE -8.39%
RJF -9.15%

Absolute murder. Made two trades today with an extra one that never hit. Sold puts today which is something I normally do when the market goes down. I usually wait for the market to go down a couple of days in the row to collect a juicy premium and try and time the upside but I just got antsy and pulled the trigger (this will probably bite me in the ass).

Short Positions
BAC May 09 $6 Put (BYOQF) for $.30
AA June 09 $8 Put (AARH) for $.85

I tried for MS May 09 $15 Put (MKXQC) Limit order @ $.35. Didn't come close to hitting today but I might try again tomorrow.

I made these trades way too early in the day if not week and they have already ran against me. I'll give these time to digest before making anymore moves.

Action for tomorrow? Don't know
Action for tonight? Cry myself to sleep