Personal Portfolio Play: August 21st, 2008
August 21, 2008 – 11:14 pmMan…I don’t know what happened in the market today. With all the negative events happening today, the Dow ended up 12 points? Uh…..
Somehow my limit order for Middleby Corportion (MIDD) went through right before the close. I logged back into my Tradeking account after the close and noticed it went through at $1.20 per contract. I am quite happy because I had the limit set since the opening bell and the spread between the bid and ask was humongous. The bid was sitting at $1.20-$1.25 all day while the ask was sitting at the $1.80+ mark.
I went on a bit of a gamble and purchased September 50 puts. I bought these for a few reasons. First, there was a break of the 68.1% lower Fibonacci retracement support line. Second, we saw a gap up on the 10th of this month and we are expecting the shares to fill in the gap up. Both of these events are circled on the chart. I forgot to pull up the macd for this chart, but the macd is rolling over, indicating we might start to see a further decline in the stock price.
Thanks for reading.
-Justin Moon, Senior writer for Marketchasers.com
2 Responses to “Personal Portfolio Play: August 21st, 2008”
Was that the Sept. 50 put instead for 1.20?
By Dr. Moon on Aug 21, 2008
Yea Dr. Moon it was the 50′s, not the 60′s. Just fixed it
By jmoon on Aug 22, 2008