sometimes you can do the correct action or believe to be and end up with the wrong result.
I had a small short on tck.b (tck) teck resources, it is base metal company, have call and puts on the stock, and was short a very small amount in jan due to options.
so last friday covered the short, shorted 42 and covered at 43.20. the news came out well on the economy and the market was on a good gain...also the following week tck, was to come out with earnings. so covered not wanting to have a run up in stock kill gains.
a week later it is now below 40, earnings came in and they were good, but people are concerned with the world economy, it mines copper and coal which has great prices, however this can come off sharply on economic slowdown.
should say wrote some 44 uncovered calls for march so did not lose much however should have waited....still always good to cover shorts quickly when your not sure of the direction or getting hurt by the trade.
thanks
selkirk
I had a small short on tck.b (tck) teck resources, it is base metal company, have call and puts on the stock, and was short a very small amount in jan due to options.
so last friday covered the short, shorted 42 and covered at 43.20. the news came out well on the economy and the market was on a good gain...also the following week tck, was to come out with earnings. so covered not wanting to have a run up in stock kill gains.
a week later it is now below 40, earnings came in and they were good, but people are concerned with the world economy, it mines copper and coal which has great prices, however this can come off sharply on economic slowdown.
should say wrote some 44 uncovered calls for march so did not lose much however should have waited....still always good to cover shorts quickly when your not sure of the direction or getting hurt by the trade.
thanks
selkirk
