I’ve done almost no trading lately as I’ve tried to focus on my job in a feeble effort to recruit in a jobless recession and save my job. I got confirmation today that we’re doing another layoff at the end of the month and I’m going to be part of it this time. I expected it and was somewhat prepared, but it’s still a weird feeling to lose a job when all I do each day is speak to candidates who can’t find work. I’m somewhat nervous and yet somewhat relieved at the same time.
I’ll be paid through the end of August, unless something odd happens with my boss’ mood and he rescinds his verbal commitment. That will give me a little cushion to search for something new while I finish the summer off with some relaxation mixed in. My wife is going to take a week off, so it’ll be part of a long overdue vacation too. We aren’t going anywhere since money is about to get really tight. I have one long shot opportunity in the works at one of our clients and another through a different connection that has maybe a 20% chance to work in the next 60 days.
My plans are to look for a new job, finish studying for the Series 65 exam, get my investment advisor business registered and get back into a regular trading routine. My wife’s income covers most of our expenses. We’ll cut back some on expenses and with unemployment we’ll be close to break even if not slightly ahead. My blogs bring in a (very) little income and if I can keep making profits each month from this taxable account we shouldn’t have to touch our principle. After this month we’ll be close to our $2,000 deductibles for each of us on medical insurance, so through the end of the year no new big medical bills should hit us.
I’ll probably take profits a little earlier than I have in the past, might make more short term trades, but most likely will stick with what has worked for me this year – selling options. I listed my current stock and option holdings below. All are set to expire out of the money. I’ll probably sell new options tomorrow as I see my current options expiring worthless. I’m behind on my research, so I don’t plan to get too aggressive to fast.
Options
Long 5 – CVS Jul 28 Puts
Short 4 – ALL Jul 24 Puts
Short 5 – CVS Jul 30 Puts
Short 1 – MON Jul 80 Calls
Short 3 – NDAQ Jul 20 Puts
Short 2 – SLB Jul 55 Calls
Stock
Long 100 MONSANTO CO COM (MON)
Long 200 SCHLUMBERGER LTD COM (SLB)
sorry to hear about your job loss alex, myself have just applied for a position similiar to what you have just lost
heres hoping the best of luck to both of us.
Ahh, tough news, sorry to heat that. I really wish you the best of luck in getting back on top of things. Any chance you’ll try to make it as a full time blogger?:)
Thanks guys.
@ IS,I’d like to invest/advise/blog full time, but don’t have quiet enough revenue coming through for it yet. I might have to talk to you off-line about optimizing my site better. Once I’m home full time I’ll be able to post more often, so that might help.
Alex,
That is unfortunate. I just checked the feed to see if you had updates on your options. I’ve fallen off stocks and back into forex with mixed results this week. I need to step back and evaluate my strategy after doing some stupid things and taking unnecessary losses.
I’m looking for a job too, back down South a bit, but not as far South as I would like. I do have a job fortunately though and probably will for awhile. I just saw a job posting for investment advisor for the U. I work for. If you don’t mind relocating thousands of miles to the Arctic, might check it out. Don’t know what your qualifications are, but up here even the listed qualifications can be stretched.
Catch you later and good luck
Sorry for to here about the job loss. Keep the positive attitude and Happy trading.
Man, that bites on your job. I lost mine last Christmas and am now a stay home Dad trying to retrain myself. I think you have the right attitude – watch finances, retrain, take a breather vacation. And then go back and get a better job you love even more. Keep on trading!