FXI – now I have a caller! I sold 1/2 the May $114s into the initial excitement. $2.50 was just too much to pass up as it was .50 yesterday…
WYNN – no I still have the spread. I was thinking they were going to recover but now I’m thinking thatI’d better sell the $95s for $2 while I can (XXX by the end of the day).
TSO – I’ll consider taking $120 puts into the weekend if they can’t break $121.
XOM smoking my poor putter! Boy did I need that to offset some of the damage to my leaps.
AMGN failing at $55.50, I think the bargain hunters are fading out.
FXI – that’s why I only sold half – you never know but the $115s are still $2.50 as the velocity of gain changed (I’ll bet they’re angry about that!). I will stop these guys out at $3 and sell the next $ up on the turn. Right now the $116s are $2 so at about $2.50 I will pay .50 for a roll. I can do that all the way to $120 and I will still be even if it doesn’t close next week above that mark. Meanwhile my leaps would be a double so the $1.25 (only sold half) would not make me cry too much.
DIA July $134s are $2.62 – up .32 and May $132s are $1.65 – up .35 but they still have .50 in premium that they WILL lose between now and Friday so I have no motivation to buy them out as .50 against my $1 spread position is a LOT of money.
Hit my .80 target on the QQQQ $46s, that’s enough for me, just wanted to offset losses on DIA puts… XXX
FXI rolling over $115s still $2.45 – works for me!
GG – production doubled to 558K oz, costs are $181 per ounce. Hard to sell but it’s tough math with the acquisition so it’s best to take profits on a good run but I’m in for $1.65 so I’m hoping to get that back. The June $25s are .82 and I will consider selling them on a dip below $24.25 but hopefully that won’t happen.
SHLD – oh absolutely. Rule for any may positions is 20% stops. That one was just to stop the bleeding yesterday.
Holding 13,300 would be huge for the week.
SU June $80 puts back down to $1.40, that’s cheap enough for me XXX and sell half at $1.80 to drop basis to $1.
OSK – great company, nice excitement on the $60s so I like selling those for $1.48 against July $65s for 1.38 on the chance they get pinned. If they don’t, then you are paying up to $5 to hold in the money July $65s and I would probably roll to June as $65 is the ATH. XXX
Oh, as a general rule – unless you are playing momentum you should not have ANY May positions at this point and stops should be fairly tight on June. Any gain can be wiped out in a second this close to expiration and there is not enough time to recover once you are out of position.
RIMM $150 is key, they hold that and they are green lighted for a move up but if they fail there they will likely go back to $145. I’m going to buy Dec $150 puts at $14 (if I can) and the Dec $160 calls at $14 and work my way into that strangle (buy more of each at $11 and $8), probably selling both puts and calls against. If they form a channel between $140 and $160 this could be a really fun play as this company could be at 200 or $120 by the end of the year.
Big EU turnaround today, should bode well for our afternoon.
FXI is forecasting an 800 point rally in Shanghai on Monday…
Oops, sorry 5%, just 200 points!
JOSB totally irrational sell-off, day 2. If they hold $39 I’m going with the Oct $45s around $2 XXX
ONXX June $32.50s as mo play! Quick XXX
Oops, no ONXX June $32.50s but the $35s are $1.58 and it looks like we can sell the May $35s for that much if this keeps going XXX
They’re at a conference so it could be anything so need to take some off the table on a run (I know it may be too late on this one anyway as I could’t type fast enough to keep up with the move). This can go back to $29 in a second but if it’s big news it could really pop.
RIG/DO/BHP all doing well. SLB should be doing better. I like the June $75s for $2 on SLB as I think they may be pinned down here into expiration.
CAT not taking out my $75 caller at .80, I wouldn’t pay .80 for those calls despite the nice run.
ONXX – with the spread if we get downward mo we can roll caller to the may $30s, now $1.72, I’ll be doing that around when the $35s cross .50 as that will signal the end to the rumor.
ADBE nice breakout on 50 dma. Oct $42.50s are $3.40 XXX
ONXX – LOL Jun $35s still $1.45! Tempeted to sell the $25s but something could still happen and I’d be crying…
S&P barely holding 1,500, we don’t want to lose that!
ONXX spread – that happens with rumors, you have the hold camp (like me) who have no reason to let go as we can sell very expensive premiums and others who believe the rumor and will hold for 30 days as a gamble and then you have guys who think we are insane and won’t offer anything near what we are asking. That’s why you can’t sell these positions when you’re wrong and you’re better off turning around and selling closer calls against. Meanwhile just had to buy back $30s for .60 and now I have a stop on $35s at $1.20 for a nice total gain on this mess but I will sell $30s again if it tops back out around $2.
I’m seeing Spider Man this weekend so I’m picking up the SNE June $55s for $1.65, was $2.30 on Weds and if FXI is right, Asia will be huge on Monday. XXX
TM – selling May $120s for $1.42 against the Octs $140s only (leaps will be naked) per yesterday’s plan. XXX This jump is a gift and we should treat it as such and my SNE’s buffer a mega Japan rally.
ONXX – no idea just along for the ride now. I’ve shifted my speculative focus back to DNDN. If ONXX holds $29 then there’s probably a little meat to the rumor and my $35s seem to be getting steady interest as $1.50 so my action points are out at $1.20 or sell current $30s at $2 or better (obviously whichver comes first).
DNDN – by the way – logic here is that it held $5 so I am willing to buy at $6 with a stop at $5 and I will raise my stop $1 per $1.50 in gains until I can sell calls. It’s not a great percentage but since it doesnt tie up much cash it’s an opportunity benefit for cash that is just gathering dust in virtual portfolio. I look at this sort of play as if I bought a $1 option that I am willing to lose on an event gamble since I have a pretty good potential upside if I luck out.
GOOG ran out of gas, must hold $465 which was my bottom target early in the week anyway so I’m not terribly worried if they can hold it. People will still pay you a $7.50 premium for the $470s and about the same for the $460 puts but you actually get the same $ premium from the $470 puts and even better ($3.50) from the $460 calls with great protection so selling them is an XXX if you have lower or longer calls.
CNBC report on oil at 2:30. I’’ve got my SU puts and I’m adding VLO June $72.50 puts for $1.85 even though they may say that there is plenty of oils and no refining capacity so $1.50 stop there. XXX
ICE – Must sell May $140s for $3.30 against June $140s in $10KP, I don’t feel good going naked into the weekend on those. XXX
I am going to take some google $480s for .75 for fun, the second they hit $1.50 I would take half off XXX
