The price of "peace of mind" = $0.16

I closed the TWX position for about a $16 loss per contract. This was probably premature, but I just don't want to deal with it anymore. I had a bad feeling about this position all allong. I chased the stock up the day I bought it. Then to make matters worse, I sold bull spreads, even though the difference in option premiums was very narrow, and the profit potential was small. Hopefully I've learned good lessons from this fiasco. As I look for new positions to enter I do feel a little bit of a temptation to chase stocks up, and enter positions that I'm not terribly excited about. I need to keep reminding myself of TWX as I search for puts to sell. One stock I'm interested in is MO. I will be looking for a good entry into MO tomorrow.

Yesterday I finished reading Options as a Strategic Investment, by McMillan. I've learned so much from reading this book. This is definately the best book on options I've read. I have so many ideas I want to start working on. This motivated me to do a little bit of work on the Maestro's system which I posted about earlier. I'm almost finished with Step 1:"Write routines to import earnings from finance.yahoo.com.