TUR Update

TUR finally broke yesterday and rebounded today.

Thing is, when stuff goes parabolic they drop just as fast. Bought a few puts today for kicks and giggles. Not a sure bet but nothing is right now, lol

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My guess here is small up day tomorrow then another drop Wed.

Only bought 10 contracts so holding for now. If I had bought more I'd probably dump a little.

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Aside from Lulu that posted poor guidance, this is the biggest loser on my board today.

Trade closed manually:

Flipped my puts this morning, got over 100% return. Could be one more down day, always hard to tell with TUR.

Trade closed: target reached:

Looks like it's hit my target and bounced during their trading hours. Look at BIST chart, you should probably close your trade today if you're short.

The problem with foreign ETFs is that you can't trade options during their trading hours, which is one of the reasons why I closed this out yesterday.

I might short this again if it bounces big tomorrow.

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The chart was actually perfect though if you include premarket trading (normal trading hours for Turkey)

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Definitely looks like a midday reversal for them

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FYI - The proper way to handle a situation like this is to buy the stock (ETF) premarket, convert your position into a put protected long position. Worst case you can just exercise the options. I've done that a few times with my earnings plays that have moved big off hours.

Anyways, was down 4% but now just 1%, so I think reversal.

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Wow, went back down and hit my target, lol.

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Should've bought calls, I'm thinking it hits $34 before dropping back down.

A double H&S, if you will

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I think it heads down again but options premiums are too high to make it worthwhile