I’m sorry I missed the afternoon trading, especially on CHK! I was too busy to buy it when I made my comment at 10:30… Rumor on CHK is that the two top people bought 1.5M shares of stock very recently (no, I did not know that this morning).
Although it was good for a quick buck, I was not satisfied with TOTD GD’s action today. The recommended puts did finish up 10% due to increased volatility but, as I mentioned this morning, the stock looks too strong and I am taking the money and running.
The Dec $110 puts opened at .35 and promptly went to .60 where I sold but then I picked them up again for .20 (never go back to the well in the same day!) where I am stuck. A disciplined investor would have taken the nickel loss on the second trade and preserved a .20 (50%) profit but that trader wasn’t me!
Apple bounced back from the magic 5% number that we talk about but only 1% – still down $3 for the day, this can still go either way.
TSO did, in fact, outperform VLO today but, to be fair, VLO opened down $1 – still a ways to go before they are even.
HET made a great afternoon comeback – we will see if it can break above the 200 dma of $68. My old punching bag LVS continues to be a train wreck.
PKS went the wrong way fast with the Jan $7.50 puts losing .20 (30%) in one day. The Dan Snyder team took over today and they say they can turn it around.
Gold got yanked all the way down to $506 – amazing action! I should go consult in Dubai, I could have saved them a lot of money over there…
Remember on the FSH trade that we do not want the stock to go over $65 until late January. These trades take a lot of patience.
I will not be optimistic again until the Nasdaq moves up but that is a real possibility as I think Ebay, Amazon and other on-line shoppers cannot be held down in the face of some stunning numbers that are being bandied about.
