DIA Mix:
150 OCT 133.00 DIA CALL (DAWJC)
100 OCT 131.00 DIA CALL (DAWJA)
300 OCT 132.00 DIA PUT (DAWVB)
200 SEP 133.00 DIA PUT (DAWUC)
300 SEP 133.00 DIA CALL (DAWIC)
100 OCT 130.00 DIA PUT (DAWVZ)
200 SEP 132.00 DIA PUT (DAWUB)
Dont’ forget the virtual portfolio is very bullish otherwise with few put positions (although lots of covers) and I’m not too worried about the Octobers so it’s more about my 400 Sept puts vs my 300 Sept calls than the 400:250 October mix.
CVX will be a DD and XOM I’m buying the $85 puts as it was a premise oil would go down after the weekend, not today. Again, scaling will save your virtual portfolio!
Selling 1/2 Sept DIA calls into the initial excitement (and the Qs) will rebuy to cover on a dip. XXX Selling by the way means setting .10 stops, not just randomly selling!
I am so mad that I have to go! Obviously holding 133 is critical but let’s really make sure our lagging indexes stop lagging. At 13,325 I’d start getting concerned that the Dow can’t hold it. The Qs need to get back to $49 to be bullish from here but it’s all about Bush/Bernanke and I hate to lay something out so far in advance but at this point I’d be tightening my puts up (that I am doing) ahead of Ben. If Ben rallies the market, Bush can only add to it so dump the puts then.
If Ben kills the markets, then I would stop out of the calls, mattress the puts and wait for George. If George reverses the decline then just do the reverse (and don’t forget you can mattress up and down).
Gold is shooting up ($684) and the dollar is crumbling as there are few combinations of these two guys talking that will give foreign investors a reason to think we’re not driving this economy straight to the 7th level of Hell with all this idiotic tinkering…
XLE is a mo play, XOM I have to start with a 25% buy (100) here as I’m leaving and I really want them. I’m still mad from yesterday and may buy all of Mr. 3000s $85 puts out of spite, now $1.30!
Hey guys!
Wheee, that was cool. I guess Bernanke’s plan was to bore us to death with that speech but he got my major points in so I’m happy (and the markets aren’t too unhappy either). We could have done without: “global financial losses have far exceeded even the most pessimistic projections of credit losses on those loans” but I loved: “It is not the responsibility of the Federal Reserve — nor would it be appropriate — to protect lenders and investors from the consequences of their financial decisions.”
On the whole, I’m currently comfortable with my top call earlier and now I’m watching to see if we break out of the upper range of 13,300 to 13,400 the other way. Qs need to break $49 and I would take a turndown very seriously going into the weekend because usually we close a month out at least a little positive.
OIH $180 continues to be a call I will sell those short on the next attempt at $180 (last stoped at $179.70)
XLE diasppointing so far, XOM $85 puts got more expensive despite the stock dropping (always buy the opposite direction into the initial excitement!). I’m offering to take another 100 off Mr. 3000’s hands at $1.40 and then I’ll see how it goes.
This is the critical juncture and I don’t see what’s going to punch us up between now and the close, struggling at 13,350 is not cool.
