July 24 2007: Bought fifty puts for DIA because of the gap down upon opening. Then it gained back roughly 50 points twice (double topped) causing the position to be in the reds. I had to abandon monitoring the positions during the second half of the trading day and leave the trades open when the market just formed the double top at that time.

And at the end of the day, the headlines of MarketWatch reads: Major stock indexes lower; Dow has biggest one-day drop since March

That surely is the best birthday gift for me because Spartan made most of the recent losses back today. Should hit 2/3rd (around 13590-13600, too lazy to calculate) or perhaps 100% retracement (at 13474). But there are plenty of previous highs that will act as support (around 13670-13688) before it can dive to 2/3rd and beyond. Plus, it is at a 20 days moving average (or better known as center line of the bollinger bands). Shouldn't be too wishful knowing that these days the market just like to have huge up-days and down-days and not much consecutive down days at all. We had a long bar down today. Thus, conventional wisdom says half a long bar would normally be re-tested. We shall see.