We Have Finally Found The Weapons Of Mass Destruction.....Congress!!
The crazy thing is the market lost 1.3 "Trillion Dollars" in "market cap" when investors fled the building on the news that congress wasn't going to pass the "700 Billion Dollar" bailout bill. Today we had a snap back counter trend rally but this is what it looks like close up.
But the real reason for this blog post was to let everyone know about what happened with our short GOOG. Which I have a target of $200.00 a share (Descending Triangle Breakdown). Some subscribers actually got their orders filled for the cover at $200.00 and $250.00 a share for over 100+% profits (we have been short from the 400's).
This is the bad news; all those trades will be reversed. During the last hour we saw huge volatility and Google got pounded however NASDAQ put out a press release that all our trades will be reversed. Target has not changed on the stock but the money some thought they made on the covering of the short will not appear in your account come tomorrow.
We did sell all our puts yesterday when GOOG hit a low of 380's (see blog post from yesterday with our profits on both batches of GOOG puts.) That said we still have the stock as an open short.
NASDAQ says errors caused Google stock flop before bell, raises closing quote to reflect gain
The last-minute pounding Wall Street gave Google's shares was caused by "erroneous orders" that NASDAQ says it is canceling.
Minutes before the closing bell Tuesday, a flurry of trades sent the Web search leader's stock plummeting 10 percent to close at $341.43.
NASDAQ said in a statement that erroneous orders routed to NASDAQ from another market center were responsible for the high volume of trades.
The exchange raised Google's closing price to $400.52 -- a 5 percent gain for the day -- and canceled all trades below that amount and above $425.29 between 3:57 p.m. and 4:02 p.m.
Thanks to John, Dr. J and T123 folks > --my trading skills and abilities have really grown, plus my trades are now profitable--greatly appreciate the education.
Dennis
JL,
Thanks for the great options this past couple of months. i have tripled my account and am looking forward to more. your guidance and knowledge is greatly appreciated.
gpaw
JL,
Unbelievable option profits!!!! Please, please, please keep the options coming. My portfolio is up 83% just in September.
Great job JL!
Purdue
