Closed GM - 12% but a scare

Written on May 15, 2007 by OptionsRopeaDope

I closed GM yesterday for .2 - but Friday it was sitting at .8 after GM fell through resistance. I feel lucky that Chrysler announced they were selling today, which boosted all the American car manufacturers, sending GM above 30 to 31. Today it is over 31 and climbing, but I’m glad I got out, going from a large loss to a nice gain.

I learned I need to have a better exit plan on trades, it would have saved me some stress, as when it was losing I wasn’t sure where to pull the trigger. But a happy ending, so no complaints this time…

I still have a QQQQ credit spread at 44-45 that should close worthless, as well as a 790-800 RUT credit spread, which I’m a little nervous about. 4 days away..

Meanwhile, I might open a Butterfly with GM shortly. We’ll see!

 

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