One man's put stratedy.

Couple of weeks ago had a little talk to myself re taking puts in ANZ.
Don't trade short term derivatives as a rule but these are strange times.
On the day of supposed action ANZ was down big time so me being a smarty thought. no wait till bear rally then get set.
Next day ANZ was further hit as the bear rally was one day late, (these bear rallies are high unreliable day to day guys)
Frustration was mounting as I was constantly reminded of potential gains by checking the warrant throughout the day.(My own form of personal abuse)
Being a smarty I said to myself, no Rob hold off as that bear rally is pending.
Woke up and 'lo and behold' a bear rally greeted the dawn. Congratulating myself on my superior market inituition awaited the opening to see all those silly shorters get fried on opening,They did but only for about 60 mins before ANZ did an about face and again headed south. I of course was blissfully unaware of this as had left for the city with a smug look on my face at about 10.30am.
Recomenced my visual abuse of the selected warrant on returning to be confronted with the fact it had GAINED another 15% since my departure.Yes ANZ had indeed done an about face.
What to do some 30 mins left in the trading day I say to myself (unaware of ANZ's exposure to Marconi)
Check out other banks not that bad, no Rob leave it see what happens overnight.
Dow steady BUT ANZ continues to plunge.
At this stage ANZ was some 2.50 south of my original buy in price of the put and I was yet to push the buy button.
Think I'll go fishing with munch.
OR a lesson why I don't trade short term derivatives.
LOL (I think)

Rob.