Friday, March 02, 2007

QID Crash Trade

The market picked a terrible week to get so exciting (at least for me). I had a conference to attend all week and my future wife was in town (we are living apart for a few months). Nevertheless, I was able to get into all cash, put down a sizeable QID bet and make some gold buys.

First, check out my QID trade that began with the huge downdraft of Teusday. Like I said before, I made the buy just after the market opened on Teusday. I got in at about 52.59. I closed the trade today just before the close at 56.35. That is a 7% gain in four days. Not bad.

I closed the trade because I'm looking for a big bounce. I almost bought some calls or the QLD (double the Nasdaq) just before the close today but just didn't have the balls. I will look to jump on board the bullish side at the open on monday.
Earlier in the week I also bought some shares of Harmony Gold.

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