GOOG flying!
AAPL – hopefully a bottom here. Sheep are selling, the question is how many sheep?
Builders going even lower (didn’t think it was possible). Brokers not breaking out so this is a shakey rally at best but if oil cracks down we may get a little support from industrials and transports (but terror stuff makes it hard for airlines to move).
Pointless pump in oil but I’m not loading up on puts ahead of the 4th but I’m not getting out either.
VNO on fire, BXP moving too so I’m going to grab some BXP Aug $110s for $1.25 if I can get them to test the waters. XXX <Didn’t get>
Builder move looks like a flush to me at this point. FAF, FNF, LFG flying up so it seems like good news is coming, not bad.
APPL – may have exhausted sellers already! Dumping my puts. XXX
Very unhappy with AAPL Aug call premiums but we’re getting a huge rally there so I’m taking the Oct $140s for $4.70 as a pre-roll to my Oct $125s as I can start selling July $120s or $125s against 1/2 my position that way without worrying about getting killed on a huge spike. XXX
OIH – hoping for another test of $180, if it fails there the group shold be good for shorting.
Let’s watch the Dow at 13,500 – super critical level! Rolling July $134 puts at $1.25 to Aug $135 puts at $2.53. Starting by slowly buying Augs and hoping for a drop off but if we break up through $13,500 I’ll just sell the Julys and wait to see where the ride ends. XXX
RIMM – rolling my very sad (for me) $200 callers at $14.30 to 2X $210 caller for $8.65 but I am just looking to get out close even now (down $7!). XXX
SNDK, MRVL, MU selling off but SOX up (WFR too!) – change of leadership or headfake?
Shhh – don’t tell XOM that oil is down .84~! Taking XLE Aug $70 puts, now $2.20, can always sell June $70 puts, now $1.35 if oil breaks back up. XXX
S&P testing Friday’s high, dropped a quick 20 from 1,515 to 1,495 from 10 am to the close so BE CAREFUL!!!
I am more optimistic today, especially if GOOG holds $530 and AAPL can go green but if the oil sector does start to break down (as it should here) they will take the S&P with them, at least for a while.
SPY $152 puts, now $2.02 make a nice momentum play – they were $3.50 on Friday. XXX as a mo play with a .25 Tstop.
Oh sorry, not if we hold Dow 13,500 of course!
I like my gold dogs as they are too far down anyway plus they provide disaster protection. My ABX Oct $30s are just starting to come back while my GFIs went down so far I gave up but now the Oct $15s seem laughingly cheap at $1.70 while the GDX is nice and flexible with Sept $38s at $2.60 and you can sell the July $39s for .68 with dollar incriments. AU is also beaten down and the Oct $40s are $1.95 but the stock was at $47.50 in April with Gold at $698. These are XXX plays if you think inflation isn’t just a figment of my imagination! << I did not fill these as I already had positons in those stocks >>
GOOG – Covering selling July $530s for $13.65 – having to give my caller his money back is very unlikely to make me cry over my longer calls! XXX
GDX – If you are selling calls against the positions and the stock has $1 brackets, it means you have virtually infinite possible ways to roll you caller at any time – this is the reason I love holding DIA, QQQQ, SPY, FXI etc. options as you can almost always sell your way out of trouble.
Speaking of selling my way out of trouble – RIMM $210s down to $7.10 already so I stop them out at $7.50 and take my lumps if I have to but hopefully I can reset my stop a little lower. I’m really being greedy because $7.10 is a very lucky escape for me.
I don’t like what I’m seeing in FDX and YRCW is a mess. UPS jumped up today but is now thining better of it so I’m offering .15 for the $70 puts as a fun play (was .35 on Friday). << no fill >>
GENZ with a big comeback and DNA is a better company. I’ve already got leaps but the Aug $80s at $1.15 are a nice play. XXX
DIS finally doing something – 1/2 off the $35s when it tops out of course as it took a few DDs to get here! XXX
SLB again leading the OIH breakdown. Lots of good shorts here like DO ($100 puts as mo), RIG (my favorite), GSF… If OIH breaks below $175 these guys could flush hard but strictly day trades as they are very bouncy! XXX
GDX – Buying Sept $38s as I really believe in them but also being aware that selling the $39s when gold hits resistance at $666 is always a good idea as it’s a 5% move with 13 trading days left and my worst case scenario is I roll the guy to the $40s, then the $41s, then the Aug $42s, Aug $43s, Aug $44s, which will put me $5 in the money on my September calls and I doubt I’ll care about having to pay off my caller then.
XOM – have to admit I couldn’t stop myself from getting Aug $80 puts for $1.05, I just really can’t stand those guys!
T busting out nicely, I think Apple bashing may be over.
Oh yeah, watch out for insurance plays as terror threat is causing commercial property insurers to suffer a little. Good buying opportunity soon but I was waiting for a hurricane or two to really panic people. 
HUGE DISCLAIMER – I have 500,000 shares of BSEG but they are trading at .075 and there is a POSSIBILITY that their stupid little slasher film will get a wide release. http://biz.yahoo.com/bw/070628/20070628005812.html?.v=1 This is a trade that should only be made as a total gamble as the company makes no money, has no money and prints up shares to dillute you whenever they need more, and will certainly do so the second the stock gets to .20 but if you have low commissions and like penny stocks, this is one of those silly ones.
Sorry, looks like we’re breaking down. Accumulating my protects including selling AAPL $120s against 1/2 my position. XXX Will stop out if something great happens but I’d rather lose .50 as it goes up than as it goes down.
10-year dropping – that means the market has NO reason not to gain a % so anything less is a big disappointment.
VLO breaking below $73.50 would be a big deal but I’m watching here for a bounce.
XTO breaking below $60 will be great if they can’t take it back.
CAT has been rolling all day, starting to question the July $80s I sold.
FRO barely holding $45.50. $45 puts for .90 are not a bad mo play if they fall below AND IF VLO continues down.
CCJ heading back down. Must sell $45s for $4.70 to protect myself. XXX
RIG testing $108, I just picked up more $100 puts at .50 to drop my basis to .80 so I can get half out on a rejection here (I hope). There’s just an all-out buying frenzy in commodities today but there’s no retail confirmation to the move and COST can’t break $60 despite an upgrade so I simply maintain a watch and wait attitude for the most part – sorry to be dull but I just can’t get motivated ahead of the holiday.
Refiners not doing all that well. SUN $80 puts are so outrageously priced at $1.85 that I’m going to buy the Aug $80 puts for $3.30 just so I can sell them! XXX << no fill >>
DD seems to not use oil anymore even though it used to be a dead mirror for oil prices: http://stockcharts.com/charts/performance/perf.html?DD,$wtic
STX taking off, they’ve been sleepy. Aug $22.50s for $1 could be nice if they take off and a .75 stop is lower than they’ve been in 2 weeks. XXX
