AAPL – will roll callers down to $125s if $125 breaks but BEWARE a pointless reversal based on a single word in the Fed minutes. BEWARE, BEWARE, BEWARE!!! On the $130 calls that are green, set stops. Mine are up $2.60 so if Apple breaks back over $130 WITH a market rally, I’d take $1.50 profit and be happy for the moment. They are more likely to retest $125 though…
Fed at 2:15
AAPL – good point JP! $2.83 on the $135s is a little silly with the stock at $127.
Huge gain in STP thank goodness, small loss in LTP but VIX is flying back to 25 again and topping out there so BEWARE! Last time the VIX was at 25 was the 21st, when the Dow was at 13,090 so this action is interesting as it’s already at 25 after gapping up 2 days in a row. Before that, the VIX was at 25 on the beginning of the 17th, when the Dow was at 12,848, which was a 300 point up day.
Does the overreaction of the VIX indicate a HUGE snap coming at 2:15?? We won’t have time to play the mo so the most logical thing to do is bite the bullet and press our strangle by rolling the remaining DIA calls down to the $133s and evening out the coverage.
I’ve got 30 and 38% gains on the Sept $133 and 134 puts so I’m taking those off and rolling to the $131 puts, now at $2.35 but scaling in and hoping not to have to cover fast. The October $132 puts I’ll leave alone (up 27%) and my remaining October calls ($131 are back to about even so nothing to do there.
AAPL – that’s enough on the $130s, buying back for $5 (up $3) and DD on my own $135s at $3.05. XXX
5 AAPL $135s at $3.05 in the $10KP (was $5 yesterday). XXX Stop at $2.50.
WMT creeping up. That’s a good leap, may as well pick up some Jan ‘09 $50s for $3.75 and wait for something to happen. XXX
Good enough on COH I’m liking the Jan ‘09 $45s at $6.30 since the Oct $42.50s are $2.15 but no hurry to sell as I’d hope to get the same for the $45s on a rebound.
Oil refusing to go down but sector doesn’t care, indicates totally pumped up pricing on crude. USO $54 puts at $1.32 make a fun play but SU has the most to lose and the Oct $85 puts are a fair price at $3.50. XXX
LOL – my PTR Sept $150 caller is still asking $2.05, needs a serious reality check!
Nice double on CAL, done with them.
Giving up on my WYNN puts if they break $119, these guys just won’t go down.
Rolling X $95 caller down to $90 caller for + $2 and rolling Jan $105 call to Jan $90 call for + $3 – seems like a good trade!
Oops, there goes Google! Not good!
Welcome Andrea!
GOOG $540s, waiting. Now that we’re here, we may test below $500 so I can shift to the $530s and ha ha to those jerks for not taking my $20 bid earlier!
COH – it may test $40 but good for scaling in here.
I like SHLD too but I’m kind of hoping they get back to $130 or at least take a week at $140 so I can get comfortable. I’m selling some $130 puts for $1.23 because I’d be willing to buy them for $128.77 but I’ve got my eye on the Jan ‘09 $160s at $20.65 as you can sell the Oct $155s for $3.10, which is just $1.25 less than it costs to roll to the Jan ‘09 $150s so not much downside on this trade. XXX
GME – me too! I only got my first round as it went down too fast but I’ll stop out up 20% if we rebound. On that play there were no fundamental reasons, it was a purely technical short based on what I thought was an exagerated run. If they have trouble breaking $47.50 I’ll hold on but if they break through there’s no reason to hold this one.
CELG – I like them. I like the ‘10 $70s at $12.65 if you can sell the Oct $65s for $1.15 (waiting of course in case we recover a bit).
Covering DIA with $131s at $3.40. XXX
Damn, minutes are out already and nothing is happening! That’s not good. I’ll have a low tolerance for my DIA calls if we turn down here!
This makes no sense, these are bullish notes because it shows they were willing to take action. You could argue that inflation (per the idiotic government measure) is still contained and logically, per the minutes, there is enough economic danger afoot to warrant action.
I’m holding the calls for the moment, this could be a flush. Putting tight stops on callers and picking up GE Oct $40s at .80 xxx
FXI is good to pick up IF the Dow starts to rally but heeeeeeere’s Cramer (nope, nothing to say…)
Oops we lost the Russell! Nas lost 2,525… still waiting to dump my puts or calls on a move but it looks like I’ll have to resqueeze into the open if this keeps up but more evenly weighted than I was last night.
SNDK waking up.
Our title group (FAF, FNF, LFG) getting hammered, builders and brokers too. HOV at another 52-week low so I guess this may be going the other way, luckily the DIA $130 puts are still just $2.10 and shouldn’t lose too much if the market turns. XXX
Oil puts, not if we don’t fall lower and half out no matter what.
BSC is good to scale into – Jan ‘10 $110s at $26. You can sell Sept $115s for $4.30 so think how fast this postition can pay for itself but I’d hold this out for a bounce and be happy to DD or roll if it drops further with that rate of return. XXX
Ouch, there’s our 200 points, look out below!!!!
Well that worked out well on the DIA’s, took a .20 hit on the calls but now I have twice as many puts as I would have if I hadn’t done that cover…
Oh – holding off on those BSCs of course until we get a better bottom but I love that play!
AAPL – too dangerous right now, we could spark a mad correction in Asia like this which would likely freak Europe out and give as a bad open at best so I’ll maintain a bearish posture for now.
Heavy selling into trading curbs – I’d have to say that’s not a good sign….
DIA calls, I see no hurry, we can always grab them as a mo play tomorrow (I’m about 2:1 puts right now).
QQQQ puts – I’m really not in favor of chasing things down here, if we’re cracking back to 12,500 there will be lots of chances to short.
