$10KP – sorry, if you have $100 putter taking the profit is a good idea there as well as long as you can resell on a bounce
$10KP – sorry, if you have $100 putter taking the profit is a good idea there as well as long as you can resell on a bounce
FWLT – I have it in several places but in the $10KP we should have had this morning Jan $100 puts at $8 and a Jul $100 put sold at $2 so the play was to take them out on momentum at $1.75 but even at $2 it’s still a good idea if you are able to sell them right back if it turns on us.
Meanwhile, just to complicate things further I moved the Jan $100s at 8 to the November $105s at $9, well worth trading $1 and a month for $5 in position. XXX
Also in the $10KP – rolled YHOO Oct $30 calls to Oct $27.50 calls for net $1.10, same logic.
FWLT – no sell yet. See above, I now have ONLY the NOV $105 puts at $8.23 after subtracting $1 from my $2 buyback of my profitable sale of the July $95s at $2.
GOOG – my naked Sept $510s aren’t missing it!
GOOG ownership – since you are rich enough to own, a fun way to protect is this way:
BUY GOPSI-July $480 put $4.3
SELL GOPSO-Jul $500 put $9.4
SELL GOPGO-Jul $500 call $25.7
BUY GOPGV-Jul $520 call $14.9
You get $16 credit and can only owe your $500 putter $20 at worst below $500 and you owe your $500 caller at most $20 over $520 but you won’t care because you win on the underlying and you don’t get called away. I would start by buying the put and selling the call naked with a $1 trailing cover. XXX for the complex spread virtual portfolio but recognize the $6 risk on either side of this trade (with the trails) so not a cheap way to lose!!!
CCJ – if I were coming in fresh I would sell the $55 puts IF they go below $2 to protect myself, otherwise I would just hold on.
SU – rolling Sept $75 puts to 1/2 July $90 puts, now $1.73 (basis will be $3.10 so I may DD if it hits $1.60).
RIMM – rolled out of $165 puts, moving to Aug $165 puts at $5.50 selling July $170 puts for $4.95 (hopefully a littlle better but just trying to catch up).
CCJ – I’m not looking to sell unless it really goes below $55 otherwise just consolidating for a run. I means selling $55 calls.
BBY/Any play – when you make a quick 50%, not taking 40% off the table is a little silly. You can always resell later knowing you have 40% in your pocket. Even if it goes all the way back to 60%, what did you miss? Your average is still 50%.
GM – puts are crazy expensive but I like the Jan $32.50 puts for $2.80 and selling the $35 puts for $1.60 XXX My roll out would be to the Jan ‘09 $35 puts, now 5.60 but I’ll just hope to get lucky for now.
DIS – if you DD’d and you don’t get half out, that is bad greed!
GM – be patient. O% financing and still no one is buying a hummer.
Damn, FWLT got away from me, going to wait a bit before selling puts, may sell Aug $105s for $5 or $6 now so my risk is cut to $3 but hopefully they get a rejection at $110 and I can go back to plan A.
YHOO – not selling over rumors is what killed me last month. If they start to run, I’ll take 1/5 off and if they keep going I’ll take 1/4 off and if they keep going I’ll take 1/3 off… Meanwhile they have a $1.40 premium and I’m sure not going to pay it!
SHLD – if it breaks $175 I’d sell the $180s and I’d look to get whatever the $180s are fetching now for the $185s as my goal.
IGW – rather than exit the trade, I’d try to guess a good top and sell the $65s, which carry a $1 premium but that’s a tricky play. If you are just looking to get out, ask a lot and see what happens but when WFR falls, the SOX get me worried.
Transports are getting killed by $69 oil.
AAPL $130 2010: Well if I were going to make that kind of commitment to Apple being at $160 by 2010 then I’d be happy to get $3.25 for the current $130s.
BIDU still going up! GOOG not following.
ICE tanking, not asking why as I suspect so grabbing the $150 puts for $5.35 just in case as a mo play with a .50 tstop. XXX
My remaining Apples:
20 OCT 115.00 AAPL PUT (QAAVC) $16,410 now $11,600
10 JAN 120.00 AAPL CALL (VAAAD) $12,610 now $28,700
10 OCT 115.00 AAPL CALL (QAAJC) $7,690 now $16,900
Sold 10 JUL 120.00 AAPL CALL (QAAGD) $8,000 now $940
30 OCT 125.00 AAPL CALL (APVJE) $7,210 now $34,500
XAL ($49) has 8,551 $55 puts and less than 300 calls in all categories….
YHOO is heavy on the rumor mill today, be careful reading into it.
BBY – sold $50s for .80 – seems silly not to… (against leaps).
