BBY – I’m waiting it out. If the market goes down, they go with it but my basis on the leaps was $2.60 and I sold the .80 July $50s which brings it down to $1.60 and the value is still $2.15 so I’m not in panic mode just yet but I also have no desire to roll down while I could still escape with a profit. I could do a neutral roll to the $47.50s and sell the Aug $47.50s for $1 but it’s not very exciting so, on the whole, I’d rather get out and get back in for the holdiday quarter later this year.
AFSI in play – no options $17.40, may be getting bought.
GLW down for all the wrong reasons on BBY numbers. They are selling more stuff, just making less money – don’t blame poor Corning for that! The $25s are $1.08 and that’s an XXX for me!
OIH puts are pretty hopeless if oil doesn’t get back below $67. I’m rolling my OIH $170 puts, that are down just .30 so far, over to the Aug $170 puts for $4 so I can sell the July $170s for $2 IF I need to or even the $175s, now $3.55 as a mo play if it really breaks out. I’d rather have less positions with more options and I am trying to avoid putting more money in oil puts!
**** Update, I couldn’t get the Aug so I rolled to 1/3 (7) Oct $170s at $6.60 ****
Meanwhile oil down .50 is the major positive factor of the day – will it last?
Another chance at not regretting DIS!
GE at 5-year high.
IOC – nice move, good time to take some off the table!
Airlines with insane relief rally as oil goes below $69, lots of shorts to squeeze but the shorts are right.
INTC making new hights, RIG and DO punching up the OIH (sold the Julys of course).
All oil making a move again, not good at all…
SHLD got slammed, another market gift. I am stunningly even on my July $175 puts so I’m out and rolling the Jan $200s down to the $185s for +$5 XXX
AMZN with a yard sale at $71 – gotta pick up the $72.50s for $2.15 (was $2.70 yesterday). XXX with a stop at $2.
Out of EOG puts – this does not bode well!
GLW – If they don’t break $25.80 by 1:30 I’ll be half or all off but more likely I’ll just be getting half out around $1.50 and let the rest ride.
RIMM is being very kind to me with my July $165 puts catching up a bit. That’s another one I will be half out of the second they go even.
SHLD – yes I do like them, you could be at $185 at the end of a good week with this stock and July $180s are $1.50 even $6 out of the money (but I wouldn’t sell right now, just hope for a nice pop).
FXI $124 puts still at $3.30 so I’m starting a position because the FTSE had a lousy finish and the rest of Europe was weak. Just got a note stating that GS has clamped down on FXI shorting with a rule that “if you’re going to short the FXI today you are on the hook for the short interest for 30 days if you cover it, something on the order of 9%” – I don’t know why people don’t just buy the puts but it’s an interesting move by Goldman.
AXP waking up, taking the $65s for .55 XXX
GLW – if the market falls I’m out even but if they break over $25.80 I’ll feel much safer and try to get $1.50 for half and let the rest ride.
OVEN – the comeback kid!
AMZN/all todays trades – these were rally mo plays, if this reverses on us there is no point riding them out as we are still on errant syllable of Greenspan’s away from a 200-point drop.
YHOO I moved to the Oct $27.50s, now $2.50 against $27.50s I had already sold for $1.77 but you can do that move for .30 and sell 4 $27.50s for $1.27 making it a free gain of $2.50 in position for you and still leaving you with .90 of protection at a .65 premium, not a bad deal.
OVEN – I wouldn’t short them if they’re going to run. If you have the $12.50s and you don’t sell half into the initial excitement (when it tops out today, currently a .10 stop would be appropriate), then I can’t help you…
My July target on them was $15+ – until this morning I had given up on them, still very unlikely… At $12.44 I like owning the stock and selling the Aug $12.50s for $1+ as that’s 8% in 60 days and this is a stock I don’t mind holding long-term. XXX
Gold is creeping back up, that’s an indication that the treasuries are being manipulated down and gold is taking over as an inflation hedge.
RIMM – My move now, with 80 $165 puts at $4.10 is to get half out at $5.45, my new basis (but bearing in mind I did drop that other put spread to cash) but I may sell 40-60 $175 puts as a mo play if the stock kicks back up on me so I’m kind of watching them with a very soft .50 sell stop on the $175 puts until I hit my 1/2 out goal.
GLW – I have to go to a meeting so I’m out but I’m not happy about it. I do have the leaps though so this is just greedy money.
Meanwhile, out of all my day’s plays – market looking bad, adding to FXI puts…
Well I’m out the door, since I am in doubt about a very heavy RIMM position I’m selling 1/2 the $175 puts against but mostly for overnight protection.
