FXI – I sold the Oct $174s myself. 3/4 at $5.50
FWLT – I don’t understand why you rolled in position $140s to out of the money $125s. I’m in the $130 puts about even and I still have hope but not if the market hits all of our levels (see above) and holds them today.
FSLR – rolled callers up to $125s and rollled my calls to 1/2 Dec $115 & $120s. Intend to roll callers back down to $120s when they fall back to $4.50-$5. XXX
Builders got a GS upgrade to play the “bounce” take that for what it’s worth.
ISM report is 52, 53 was expected. This is weaker than expected and down from 55.5 in June but a good number as it’s not terrible but also not enought to make the Fed think easing was a mistake.
10 points from Dow record!
GE in our dow virtual portfolio, unfortunately covered but the 2010 $45s are still $4.20.
RMBS same buyout rumor as usual, boosted by the NVT deal (as a deal’s a deal to these guys).
Taking a hit on my Goog Dec/Oct $550 spread and moving to Jan/Oct $570 spread for $6 out of pocket, worth it to buy a month plus $6 in premium.
DIA – depends on what you’re in for as that gives you a $4 max gain and knocks $1 off your entry. I have the $140s and sold 1/2 the $139s against them for $1.42 and my intent is to roll myself to 1/2 the Dec $140s which gives me a net lss of $2.80 per contract 1/2 of which is covered by the $139s I sold (which I am certain to collect the premium on plus $1 of space between us). I will then roll them to Nov if in the money, hopefully pushing them another $1 away from me and, if I collect another $1.40 in premium in November, I’ll be all caught up and still have my position.
C – LOL, I told you that was a BUYBUYBUY on that dip!
Posted October 1, 2007 at 11:25 am Permalink (Edit)
ASD – I wouldn’t want to short them down here, kind of dangerous to sell against but ‘10 $40s seem worth a chance at $5.65, if they go in the money, you’ll have 2 great years of $1 per month sales ahead of you, it’s worth risking .65 to see if it comes in. You could take a chance and sell $35s against it for .80 of immediate premium but you’ll be very sorry if it pops. Actually you remind me that I like RSTO at $3 the options are ridiculous but I’m going to pick some up in the Stock Virtual Portfolio at $3.25 with a DD at $3.10 if possible. XXX
FWLT – very dangerous short, I’m thinking of spending $2 to roll my .80 down $130 puts to the $135 puts but better off rolling to Nov $130s for + $4 and selling some other sucker the $130 puts for $3 I think.
Back to the well on XOM $90 puts for .80, scary how fast my bid was accepted though!
TSO – if it doesn’t bounce soon we’ll have to end up rolling to Jan/Nov $47.50 puts
DIA puts – as I said before, best to roll back and sell, a little late up 140 but still beter than getting killed.
DIA – as above I like the roll. Harder now 50 points later!
AAPL – Always sell into the initial excitement. Someone is willing to give you $5.47 for the $155 calls, figure out how to take it! In this particular case I like the Apr $160s for $18.50 as the longer call, that’s a pretty good 3 out of 24 month return.
IMCL – no I’m going to take one DD before I give up. You’re looking for a lagger to the market, this is sure it!
Big oil drop, we’ll see if it sticks – just want to get my money back on XOM at this point!
C call – yes, but noboday seems to read the morning posts! ” The XLF is 8.5% C so we can expect a spot of trouble right out of the gate as Citibank flew down to $45 pre-market. We have the March $47.50s at $2.50 in our Dow virtual portfolio and we will certainly double down or roll (probably roll) down to the $45s this morning as this is a fantastic entry opportunity that will really improve our position.” I know, who the hell listens to that crap I say in the morning…
Posted October 1, 2007 at 1:01 pm Permalink (Edit)
Oil broke $80,you wouldn’t know it from the majors.
SHLD coming off the mats.
IMCL – all the BTK is laying around, it’s too risky when you can just buy a random Dow component and make 5% but I think boiotech will pop as people start putting “fun money” into riskier plays.
By the way, the logic being used – that the banks are finally getting their write-downs out of the way and things will get better now, is the same BS that rallied the builders at the end of last year. I’m not saying you should fight it, just be aware that $2T worth of lost home value will probably translate into more than the $100Bn worth of write-offs we’re going to be seeing at this reporting pace.
RIMM testing $100 again, good time to sell the $100 calls if they blow it.
EBAY with a nice comeback (also in the morning post).
I may be a glutton for punishment but I bought more DIA $140 puts at $1.30 (were $2.20 on Fri). First day of the quarter has a lot of fund buying, volume could be heavier so far and I would think we get at least a little pullback (forgot to switch my brain off today).
Double Top – If everyone is up near the July high at once and no one breaks out and indexes start failing, that will be a big signal. Oil back over $80 near the close you’ll all be happy to know!
Valero – not really a violation. Group not in agreement means don’t play. Lots of index buying today across the board, my guess is we’re going to see some high flyers picked off at the close. I’m done my extra C’s for now, that was plenty for one day and someone may wake up and downgrade them tomorrow – they are going to have a major miss this Q and guidance will be down – that’s pretty much a given from that pre-release. I’m going to cover the 10 I have left in the DIA folder with the $47.50s at $1.40 XXX
Buyers either slowing down or resting for assault on 14,100, sellers are just scared at this point, shorts are shell-shocked but we often get very good first days of the Q followed by a Tuesday or Wednesday where people can’t imagine what happened to the rally but the way this is going, it looks like little chance of a pullback today.
CY hitting the roof at $30.
Woops, here comes more buyers!
Greenspan calls China market a bubble.
AAPL new highs, IBN new highs, EXPE new highs (PCLN gone),
SHFL finally breaking out.
FXI – I have Jan / Nov diagonals on them, you can get $10.35 for the $180 puts and pay $18.70 for the Jan $185 puts. If you can roll him to dec for $9 or more, you end up with free puts and current puts that are $20 out of the money are $3.90.
SYX finally waking up. Airlines all excited.
IMCL – no such luck…
FWLT I don’t mind holding. I learned my lesson last time with them, if you’re patient you’ll get a $10 move pretty much either way within a week.
AAPL running into sellers.
Safe? LOL. I would have thought we were safe if we had gained 50 but 200 seems just strange to me. Bob Pisani says Friday showed record high shorts, a lot of this may be a squeeze.
Took out my PTR putters actually, this whoe thing seems wrong to me, I want to see what happens and keep some cash handy for some directional plays.
XOM $90 puts at .65 is an XXX!
