TM – strange drop off, let’s get rid of our caller soon. If it keeps going down we can sell the $120s, now $3.40 but I see nothing to justify a drop yet. XXX
WYNN – I like them for a recovery but I would let my June $95 caller pay $2.92 to wait with me. You might want to wait and see if they get rejected at $94 though.
What’s killing the casino stocks is Warren Buffett, who took the time at BRKA’s May 5th meeting to say:
“To quite an extent, gambling is a tax on ignorance. I find it socially revolting when the government preys on the ignorance of its citizenry. When the government makes it easy for people to take their Social Security checks and pull [slot machine] handles, it relieves taxes on those who don’t fall for it. It’s not government at its best.”
This, to me, does not represent a long-term problem for the industry…
LVS – I’m deep short on them and I rolled my caller to the June $80 puts as I think this may be a bit of a bottom for them. Once investors get burned this badly on a stock it can take a long time for them to recover unless they get some big news (RIMM being the exception as they go up and down 30% a month).
OXPS – my thoughts are Yay! That’s another one of our remaining $10KP positions and I had them naked in the STP as well. I thought they were WAYYYY undervalued so I wouldn’t take a bounce off the 5% rule ($24.25) as a bad sign unless we get a .50 pullback). $25 should offer psychological but not technical resistance (which any Star Trek fan knows is futile) but I’ll be interested in selling a call around there as it’s a nice gain to lock in for the month and we have lots of room to roll.
EBAY – miles behind AMZN and they should be trading neck and neck:
I have a weird spread there where I own 100 Oct $35s at $2.15, and 120 June $35s at .20 (now .28) against 100 Jun $32.50s at $1.50, now $1.25 so I’m playing for a flat month with a bullish summer.
======================================================
T – yes, that was so long suckers to people who use stops I think but there may be some worry that GS has plans to make waves that will eat into T’s profits so we need to keep an eye on that $41 mark. The June $40s are way up and I’ll take them off the table if we can’t hold it but I’ll be surprised and will be looking to add to My leaps, rather than sell calls against them.
GE – you’re in better shape than me, I took half on Friday at .50 but I’m holdig the rest to $37 (basis .18).
COH – I should have kept my money where my mouth was on that one as I was the only person in favor of their new strategy.
CNBC now retracting their statement on TOT’s Nigerian Attack – now they say rebels are at a facility that was already shut down. These people are crooks!!!! I wonder if they would have retracted if I hadn’t pointed it out?
ICE June $140s still open in the $10KP. Boy did that work out after collecting $3.30 from our May $140 caller! As it’s naked now, it would be prudent to take $8.30 for half and roll the other half into 2x the $150s at $3.75 with a $1 trailing stop (that goes up .25 per $1) and take the extra buck and go have a nice Chinese celebration dinner. XXX
RIMM $145 puts are a DD for me at $2
I love a good oil beating as much as the next guy but I am just tired of shorting them and I’m going to give it a rest unless oil breaks down. Will be tough coming into the weekend.
TM – we have the Octs and ’09s so time is on our side. Buying back June $125s for $1.10 and I will wait and see about the $120s XXX
NYX – looks straight up to $85 on my chart. Thinking about it now though.. Those Jan ‘09 $95s are burning a hole in my pocket at this level though so I’m going to sell $85s for $3 with a $4 stop. XXX
GSF had an insane post market spike on Fridaybut it was low volume. This sector is bound to get some M&A rumors which I why I’m putting the OIH but no individual stocks (and even that isn’t looking too smart).
CCJ – what a joke the market is where they can do that to a stock! June $50 calls stopped out at $2.50 btw. XXX
AMZN – maybe getting bought by WMT (not looking to start a rumor but I would buy them if I were SHLD or WMT). Meanwhile this is a silly price and I’ll take a stab at the $65 puts at $2.15 as a mo play. XXX
AMZN – I should mention at $2.15 that’s a small entry, DD at $1.75 (1.95 avg) then .35 Tstop but 1/2 out on any reverse once we cross $1.95.
AMZN – forget that, since I have some puts I will try to strangle it by taking the $70 calls for $1.72. XXX
AMZN – we do still have the Oct $65s naked and the Oct $45s, which really must go on this run as it’s getting to be too much money in AMZN. I am adding more puts to cover my gains until I make my sales.
They blew through the 5% rule at $66.50 so let’s look for that to hold on a pullback (if ever).
Resurfacing rumor of AMZN making a call center deal with SNTO ($2.03) but very risky stock.
GSK bad news on Avandia heart risk. $55 puts $1.48 .50 tstop XXX (risky)
GSK – this time I will be smart and take the $52.50 puts for .50 as well as a pre-roll! XXX
DNDN – another pinned stock. It WILL get approved so I don’t mind owning a stock that has a very good chance of doubling in 2 years.
GSK – nice catch by the way Kustomz!
AMZN – what you may be seeing is millions of in the money option sellers having the stock put to them this morning and having to buy to cover. I’m liking the strangle as it could go either way so I’m buying more puts and calls on every .50 drop in price.
Still waiting on Google…
MRK gaining all of GSKs losses, they have a competing drug.
TSO – maybe another run at $124…
NYX – good point Dragon – shorter option holders would do well to watch their values in case a volatility crush comes after the conference.
AMZN – weighted on the put side due to my longer calls but $65 puts and $70 calls. They are still a better buy than the $67.50 puts which started the day at $4.30 vs. $3.40 for the $65 puts.
A lot of MRVLs issues are still tied to their options scandal but they last Q was a miss and they forecast a medicro Q2 so LONG is the only way to like them. I took a small loss on my Aug positions and gave up though as the stock is just not fun to play.
NMX taking things very well.
MGM still tanking, BYD still on top – very strange stuff.
Rolling my VLO $72.50 puts to $75 puts for .85 (that IS worth it for $2.50 in position) and will DD at $1.50 if possible as my loss on the $72.50s is $1.02 plus the $1.72 = $2.74 so getting that down to $2.25 seems reasonable. XXX
Ice Ice Baby!
KO getting whacked, bad news for my caller.
I keep meaning to play STZ and now they are running away so I’m going to take the July $25s for $1 in case someone buys them. XXX
JWN still in STP, hasn’t graduated yet. If COH and TIF are doing well it’s silly to give up on JWN. Not sure what you mean by minscule profit as I’m in the Oct $60s at $1.65, now $1.52 and I sold the July $55s for $1.65, now $1.55 but he lose that premium faster than me and then I will sell August and September for hopefully $3 profit on zero invested, it’s a pretty good rate of return. As a new position I like the Oct $55 for $3.30 against the July $50 for 4.35 but you have to manage this one. XXX
GLW – I’m not too wild about .50 for the $25s so I’m holding out hoping for $1. Premium on the $22.50s stinks so no interest there.
Uh oh – here comes GOOG! Grabbing some Jul $490s for $11.75 while I ponder the situation. XXX
I don’t know why the sudden interest in OVEN but they are a great co on my watch list so I’ll take the July $15s for .77 and sell the June $15s if they tick back down to .45 but hopefully sell for .75 for a free ride. XXX
GSK – I’m not going to be greedy, my $52.50 puts are free and I’m still up .50 more on the $55 puts so I’m stopping at $2.25 (.35 tstop) with half out of the $52.50s at $1 (no tstop as I’d rather have them overnight). XXX
GSK – the drug is $3Bn out of $45Bn in revs so any sell-off greater than 7.5% is likely to be overdone. I’m not seeing a lawsuit issue here but that won’t stop people from suing them, that’s why I’d like to hang onto the $52.50 puts if I can but $52ish deserves some support and below that I’d be going long on a recovery.
Cynic in my says Google is being used to support the S&P as someone is trying to book a record close. You need to set records by no later than Wednesday to make the magazine covers over the weekend so if you are trying to draw retailers into the market this would be the way to go, especially with a 3-day weekend where you increase the chance it will create a buzz.
BWLD – a stock I love but no one is buying up food franchises and I think the split will be a selling catalyst so I’m initiating July $80 puts for $2.40 which will become $40 puts for $1.20 against a $42.50 stock that’s risen from $20 in 6 months and just split. XXX
ICE – I don’t like the way BOT is moving up, watch out for ICE making some idiotic offer.
IBM turning down. Selling $105s for $3.45 against my leaps. XXX
GOOG selling $470s at $14.95 against July.
FXI with an odd drop.
CROX going down. Rotation, profit taking or signs of trouble?
QQQQ $46 puts for .36 too cheap to pass up. XXX
SNE – not risking it, out at $3.10. XXX
GOOG taking out $4.70 caller for $11.85, .75 tstop on July calls
