Sorry that got posted late, I’m still watching GS to show me where the market is going.
PCLN got a MS upgrade, lots of upgrades today all part of a mega-pump in the markets. Lot’s of selling into this rally so far, it’s going to be a very tough day for both sides I think.
PKX – $7.70 for the Oct $190s sold against the Nov $190s is a great spread. XXX
VIX is falling off a cliff, crushing option values. Really crazy action!
FSLR – I’m selling the Oct $105s at $8.55 agains my Dec $105s at $14.40. XXX
Markets not weak, sellers giving up agian I think.
NILE – could be a good top call, what a run!
Seeing some profit taking now.
HAL – I’m out, BHI too, not trusting the weekend on the upside, tight stops on all uncovered calls. XXX
RMBS – it was a rumor play and that’s all it’s good for, we had the Oct $17.50s for $1.30 but I don’t think I would have bought them without being able to 3/4 spread the current $17.50s for protection so perhaps that spread with Nov/Oct as it covers most of your premium while you hope they actually do get bought.
SNDK – I’m happy with my LTP position on them.
DD on IRBT Dec $20 at $1.25 XXX
AAPL $140 puts for .05, fun fun fun!
I’m very happy with selling the XLE 9/30 $76 calls for $1.20! I’ve sold them against the Oct $76s at $2.25 and the Jan $77s at $4.30 (my original entries were about .20 lower). XXX
Speaking of HPQ – new ATH on them. Jan ‘09 $55s haven’t moved much at $6 XXX
Watch that S&P for a breakout at 1,530, it’s dragging the others at the moment…
I don’t think we’re going to make it, getting that regular selling at levels we got yesterday. DIA 13,850, Nas 2,675 and S&P yet to make 1,530 is where we need to focus. This tax on the internet thing is a very big deal and could lead to a mass of downgrades which may be unpleasant for the Nasdaq.
QQQQ rolling Sept $50 caller to 9/30 $50s at .76
IBM – I am now in Jan $120s with Oct $120s sold with the intention of stopping the caller out if IBM takes off, which I really think it will.
GOOG – Lower? ROFL. There is no lower if the market keeps going. GOOG should have been at $600 ages ago.
S&P very close to hitting 1,530 – what a way to end the week!
GOOG – Oct $560s must be sold for $19.20. You just need to find a position to sell them against! Jan $560s at $36.40 are easiest but you might miss earnings so Mar $560s at $47.50 or $570s at $42 are the way to go. The problem with the ’09s is they don’t gain enough with your caller and, in Google’s case, that could be pretty dangerous.
JOSB – that’s a 2x play to the Oct $35s, you trade no premium for $3.20 premium per pre-split contract. On your longs, you can spend $2 per pre-split to be in 2X the $35s or take $2 per off the table with 2X the $40s but personally I would go to 2x the Apr $40s for a pretty even trade as I’d always rather buy a month.
Posted September 21, 2007 at 3:19 pm Permalink (Edit)
OCR – the sector is still in the doghouse but I do like them to recover at some point, October may be too soon. I’d rather go Dec $32.50 for $1.48 and then you can sell the Oct $30s to cover if it goes the wrong way.
Wow, if you want to see option pinning in action check out Cramer’s pals at LAMR! They’re going to finish at $50.01 after leaping to $52 on the Fed.
Rolled FSLR $105 caller to $110s for + $3 pick up $5 in position and $2 in margin in exchange for $3 of protection.
Rolled GS from $200 ($3.80 premium) to $210s ($7.30 premium) for $6.60 as I’m pretty sure I’ll be owing him the money anyway. As long as I can afford to ladder him up and pick up $10 in position and $4 in premium for every $6 I spend, this could be fun…
Rolled Goog $550 caller at $25 to $560 caller at $19.50, same deal, give spend $6 to pick up $5 in premium and push him $10 away from the money (I can always roll back down)
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