Thursday, February 23, 2006

Out of those GG calls

Today I got out of those GG Mar 20 calls at $5.10, a profit of $0.40 per call or 7.2% after commissions. The move was motivated more by a desire to preserve the little gains I had, than by a conviction of market direction. Although GG wend down further today, I'm still comfortable with my forecast of one more run up towards 390 in the HUI. In retrospect, the purchase was not a great move, not just in timing which was one day early, but also in my underestimation of the amount of mental energy it required. I'm just glad I eeked out a small profit.

That's all for today. The only thing I'm looking at right now is REITs for a potential short. I'll post updates if any actions are taken.