Like I said before, at any signs of weakness I will cut my position. So that is what I did today. The retail sector has been the weakest over the past 1 - 2 weeks especially after BBY reported lower than expected earnings. They have pulled back over the past four days while the indexes have grinded slightly higher. So now that the market indexes looked poised to pullback, I do not want to be in the retail sector. Hence I closed my DECK position for a net profit of $994.00 after commissions. While closing out this trade, I realised again how much I hate trading options. The wide bid-ask spreads shave a significant amount of profits. Despite the leverage options are very frustrating to trade even when your in the profit.
My account is now back into new high territory and I hope to keep in their. I am not very confident about the markets right now so unless I see outstanding individual set ups I will remain in cash. Until then, good luck and good trading!
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