My post on 7/22/2008, “Be Patient” was meant to serve as a reminder to myself that I have to be patient. 
 

I wrote the post after I realized a quick trade to close 5 PRQTN @ 1.4 and miss the ride to 8.50 the next day!  The trade to close PRQTN was meant to switch my cash to FREJB, a more volatile option with a bigger swing.  The switch was meant for a quick gain and quick gain I got; I closed FREJB two days later and had a realized $400 in two trading days.  However, if I could be patient and wait out for the Costo earning call, I could have a gain of $3,550!  Anyhow, a lesson learnt.

Even after I wrote the post, I made another bad move on FREVB because I wasn’t patient enough and miss the ride on Thursday.  Be Patient!

So, by COB 7/25/2008.  I went back to where I started.  I was only $50 away from my goal of $1,000 in gain.  I lost two big rides and back to where I started!

Go into next week, I am short on cash and long 15 NJWIP.  I speculate that after Senate passed the housing bill on 7/26/2008.  I am betting on FNM will gain its ground and move north.  My plan going into next week is simple, just be patient!  I set the exit point for NJWIP @ 4.0 (my cost was 2.5 for all 15 contract) and I believe it’s reachable, maybe not this week but should happen within a month.  Let’s wait and see what next week bring.  

financial sector sure was a great ball of fire this past week and no, I didn't get burn.

I had a few thousands swing up and down and I ended up where I started it.  

I will recap my week's trading in my later post and for now, I just want to relax.

TGIF!

Last week, it was a pretty good week for Wall Street and an ok week for me.  By EOD 7/19, I had a realized gain of $630.02, unrealized gain of $136.26 and an unrealized lost of $638.74.  I barely made any money.  See my weekly trading recap here:

Below is my portfolio going into next week (7/21 ~ 7/25):

My goal for the next week (7/21 ~ 7/25) is to come out of the week with $1,000 in gain and the game plan is to take quick profits or get out of lose positions more quickly.

I love volatility and my focus next week shall be on the financial sector and my watch list are:   

1. American Express (AXP)
2. Wells Fargo (WFC)
3. US Bancorp (USB)
4. JPMorgan Chase (JPM)
5. Lehman Brother (LEH)
6. Travelers (TRV)
7. Bank of New York Mellon (BK)
8. Fannie Mae (FNM)
9. Freddie Mac (FRE)
10. Washington Mutual (WM)

Let see what next week brings.

I put in an order to long 10 contracts of WMJA this am but only 5 got executed and it was executed @ $1.33. 

I don't have any realized gain/lost today, but I do have an unrealized lost.  See below for detail:

It will take another year or so before I can get FiOS service to my house.  Well, if I can’t get FiOS for another year or so in Columbia Maryland, then to complete the FiOS network build up for entire nation may take a while.

Share price has been dropping for Ciena (Fiber Optic Device maker) for the past few months; I think the company positions itself well in the sector and the current share price is a good buy, so tonight I put in a limit order to purchase 5 contracts of Oct 20 call (+EUQJD) @ $2.20.