PFE - more profit taken

Victory is ours!

I took profits today on the 2nd part of the PFE trade, here's the chart:

Looking at the chart above, you can see that we weren't QUITE to the target yet. I think there's still about $0.25 to move up or so. However, like my recent blog entry states - the market is a bit hokey right now. So, with the target being close enough and the market goofing around, I took profit.

I originally bought this option for $0.66 and sold it today for $0.94 for a $0.28 profit resulting in a 42% ROI in approx 2.5 weeks. Not too shabby. Again, I think I could possibly get more, but check out today's chart of the markets:

On each of the 4 market's charts you will see the big black (seller's) candle from this past Tuesday's trading. The top of that candle is where the seller's really came in and aggressively drove prices down. The bulls came back in and started going back up, but for the last 2 days, the bulls could not get above the top of that big black candle (i.e. that's the "line in the sand" for the bears).

I'm not getting into any new bullish trades until we get 2 days that close ABOVE that line. Otherwise I think any trading is more of a gamble and by now, you know how I feel about gambling. I'm a trader and I trade with an edge and I don't see an edge right now.

So, we wait until the market makes up it's mind.