Well, the end of a seriously negative week and I want to take stock of how my account is doing:
I took a serious look at each company and still like what I see. All are profitable and growing nicely. They are diversified: Silver, weight loss, Internet advertising, and Chinese on line gaming.
The only serious mistake was holding TFSM through an earnings release. It met forecasts, so immediately dropped an additional 8%. Still looks like a company with great prospects.
I had been wondering what my strategy would do in a down market, but I was thinking of something a little more gradual. My thoughts now are to stay with the stocks I currently have and write 1 to 2 month calls until they get back up to the strike prices. Because of the volatility of these stocks (kills me on the way down), I should be able to write 2-3% per month option premium until the losses of this week are regained in the actual stock prices. So I will supercharge the gains on the way back up. Assuming they go up! So if it takes 6 months or longer to regain the losses of this week, I will do very OK.