S&P hit 820! Backed up the truck and loaded on more SLW and ABB

Silver Wheaton

Silver

ABB Ltd.

BOUGHT +2 SLW 100 NOV 08 2.5 CALL @.55

BOUGHT +3 ABB 100 NOV 08 10 CALL @.90

Another busy day today. I usually write up my entry/exit posts immediately for my trades, but I needed to keep my eyes on the market due to the fact that I went all in today.

I’m really tired after a long day and the fact that I went swimming right after the close. So I’ll cut myself some slack and refer you to my market analysis post from today instead. Long story short, I entered long because of the low volume retest of major support. I held because the price and volume showed strength in testing the resistance throughout the day.

I am heavy on ABB because S&P broke down to 820 and ABB is still above the Oct low of $10. It has held on triumphantly in this leg of market selloff. Refer to my ABB entry yesterday for a more detailed analysis of the company.

I added to SLW because the commodities are showing some strength too. I have been a fan of SLW for a while, take a look at those posts for my opinions of SLW.

My plan now will be as usual, I will unload into strength starting with my weakess position and work my way up.

There’re a lot I want to write down, but my mind is blank now. So I’ll leave this as is.

Related posts:

1. SOLD -2 ABB 100 FEB 09 12.5 PUT @1.20
2. SOLD -4 DELL 100 DEC 08 13 PUT @1.29
3. BOUGHT +120 SLW @5.73
4. SOLD -1 WFC 100 NOV 08 31 PUT @3.60
5. Unloaded some more longs on this +50 points S&P500 day