Sold 4 MFC 11JAN Puts 14.00 @ 1.74, Mark 12.96, Loss 0.1%

S&P500 managed to bounce back from below 1130 support. It is confirmed by EUR/USD's rise and treasury's gap down (TLT) today. I'm not going to argue with the market. So I am ditching my short for Manulife Financial (MFC.TO) while it is still testing its 13.00 resistance at the open. 12.60 is the 50% Fibonacci retracement level for MFC. It made a textbook perfect bounce on it (Fig. 1). Also, it's Friday today, so I'd rather not have the time decay eat more out of my premium by holding over the weekend. Loss for this trade is (\$1.74 - \$1.70) * 100 * 4 = \$16 - \$27.90 = -\$11.90 = -0.10%. Now that I am out of my short position, watch the market tank without me on board. Update: MFC and the market managed an impressive rally today. MFC closed at 13.15. I am glad that I followed my own strategy. I guess I do make good timing once in a blue moon. [caption id="" align="aligncenter" width="570" caption="Manulife Financial (MFC.TO)"][][][/caption]