On Wednesday, September 12, 2007, I liquidated my December Corn 320 Put Option, December Corn prices closed sharply up on September 12, closing at 356.4, up 15.2 cents for the day. Since prices went throught the strong resistance at the 355 level, and, because this market seems to be having so much trouble breaking out of its trading range between 372 and 324, and, because this market is staying so choppy, up sharply one day and down sharply the next, I decided to pull the plug on this trade. Also, I wanted to minimize any additional loss on this trade because of time decay on the option. So, I'll just stay on the sidelines until a better trade sets up and this market gets more firmly established in a trend. I liquidated my option at 60 cents or $300, which gives me a loss of $75 on this trade before commissions.
I'm still closely watching December 2007 Gold Call options. December
Gold was down 3.10 today to close at 717.60. So, that made the December calls a little cheaper. Now, I'm considering putting in an open order for the December Gold 800 call option which settled today at $540.
To take a look at all my trades, please go to www.mylearn2trade.com
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