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Devin Hobbes
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Devin Hobbes is a pseudonym of a graduate philosophy student living in New York City. He has a B.A. in English and Philosophy, an M.A. in philosophy, and a J.D. that he does not use. He was first introduced to the stock market as a 5th grader, participating in NY Newsday's stock market game for... More
My blog:
A Slacker's Quest
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  • Going to lose some more money
    I chronicled earlier my purchase of SIL at 28.45 (net debit 27.78 with calls), with the plan to buy the second half of my position at 24. That level is fast approaching. I'm holding my nose and setting a limit order for that price.

    The mistake I made with the previous purchase was not selling when SIL bounced off resistance like I thought it would.



    If SIL falls through 24, next support will be around 20.75
    Tags: SIL
    May 05 11:31 AM | Link | 1 Comment
  • Watch me lose money
    I previously had a position in the Global Silver Miners ETF (NYSEARCA:SIL). I sold it in the last week of March for 28.75. It proceeded to go higher, up to 31.34. That always happens when I sell something.

    I just bought SIL back for 28.45 and sold a few May 30 strike calls for 0.67, for a total debit of 27.78.

    My reasoning, to guide me in the future:

    SIL pulled back almost 10% after hitting the trendline. Now it seems to have bounced off previous resistance levels (now support) around 28.

    This is half my intended position. It looks like there's some support around 25 and 24. If SIL falls to around 24, I'll buy the other half, or sell puts for an extra cushion.


    Tags: SIL
    Apr 19 2:46 PM | Link | Comment!
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  • Bought back half position on SIL and sold May 30 calls, total debit of 27.78 per share. Will buy second half if SIL falls to $24.
    Apr 19, 2011
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