Took a Loss on Grupo Televisa (TV)

I finally accepted my losses on TV this morning as I should have done last week.  Actually, I should have done it as soon as the news came out weeks ago that they were going to loose their strangle hold on the Mexico market.  I noticed yesterday that TV was at the bottom of the trend line I had drawn and entered an alert to tell me if it dropped below 26.50.  It fell below 26 at the open this morning and while trading at 25.88 I bought my two puts back for a total loss including commissions of $482.99. 

I can’t deny that I must have had an emotional tie to this one.  I saw how bad it was looking and only entered a limit order to give me a small profit when I could have taken a $50 loss for it and been out with limited pain.  $430 later I admitted defeat and will move on finally.  I’m not sure why I held like that when I knew better, but that’s what happened.  Of course, it’ll probably go up now.

I’ve been getting spanked across the board lately with my last two trades being overly aggressive and not waiting for the stock to come down to my predicted price.  I’m going to take some more time today to reconsider all current positions and might take other losses early.  I’m starting to turn into a bear on this near-term market and might lighten my load before giving it another go farther down the road.

Technorati Tags: investing, stocks, options, naked puts, invest