rio down 47 /hate being short $$, page-22

re: i was short rio !! loyal readers may recall I have said on various occasions that I intend to short RIO when (a) they show clear sign of topping out (downbreak RSI, MacD etc) and (b) when the DowJones makes up its mind to go downside.

this morning then, I jumped the gun. neither of the above having been accomplished, but showing distinct signs of intention. bought a december 3950 put. only one contract, if necessary will have to write it off. but december is quite far away.

if on the other hand, (a) and (b) above eventuate, I intend to buy more puts, probably at a lower striking price.

tonite's behavior DowJones-wise will make it a happy or a nail-biting weekend. elsewhere, they are discussing the pro's & con's of shorting BHP. riskier IMO, because price of oil could support that one in adversity.