BOUGHT +1 FRO 100 NOV 08 35 PUT @4.20

[caption id="attachment_690" align="aligncenter" width="500" caption="Frontline Ltd."][Frontline Ltd.][][/caption]

I covered my short put shorted at \$3.90 this morning for \$4.20 now. Fee \$7.5. A loss of \$45 including commission. The intraday upmove lacked volume as you can see on the left graph. Furthermore, S&P failed to break 920 and is struggling at the 900 range.

I think I will wait for FRO to clear the triangle (right graph) before committing again. It is too close to the neck line at \$30.50 for comfort, because it could very well break below at this point. Again, because today's price volume action lacked enthusiasm.

However, I am keeping my SAP position because that graph shows accumulation price-volume confirmation. And I'm barely down in that trade (i.e. SAP is holding on despite market weakness).

[Frontline Ltd.]: http://traderpau.files.wordpress.com/2008/11/2008-11-11-fro3.png