Sold -2 VNO 100 AUG 09 55 PUT @1.90 Mark 56.1399

Well this VNO short from the morning didn't last long. My stop got triggered in the afternoon on the same day. I was taking a wait and see approach when VNO pushed above \$55.40. Once my stop was hit, VNO steamed upward without taking a breather. So I ended up having to ditch my puts at a higher than expected loss. Total loss is about \$120 + \$15.

I thought I was being safe already by entering a bit later than usual. But what got me this time is for failing to set a hard stop. When we dipped below \$54 momentarily in the morning and then held a higher low, that should have been the first warning. And when we held above \$54.50 for most of the day, that was the second warning. Then when we broke above \$55, I should have dumped my shorts.

[caption id="attachment_1661" align="aligncenter" width="500" caption="Vornado Realty Trust"][Vornado Realty Trust][][/caption]

[Vornado Realty Trust]: http://traderpau.files.wordpress.com/2009/08/2009-08-05-vno1.png