Woke up this morning and thought there would be blood on the streets by the action in the futures market, but we all know that didn't happen. Traders simply didn't overreact, and prices are too low for seasoned traders to cash in. The name of the game is buy low and sell high, not the other way around.
Here is a list of the trades I took today:
RIO at $10.50
GS at $97.50
EWZ at $30.00
I also sold the November 21 puts in RIO ($10 strike) and GE ($16 strike) for $1.30 and $1.15 respectively. Worst case scenario, I will have to buy round lots of RIO for $8.85 per share and GE for $14.70 per share. Those prices are well off the lows for those stocks, and I see long-term value and would happy to make the purchases there.
Otherwise, I ate lunch at The Villages in central Florida with close friends. That place is amazing, and the story of the man who developed it is even more impressive.
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