October 29th, 2007 at 9:39 am | Permalink edit
YHOO - I just commented that there’s some sell the news action this morning but I’m not sure how long it will last. I’m glad to be covered and we’ll try to take 1/2 off when the selling abates.
As someone mentioned the last $10KP went down 40% at some point so I do get very uncomfortable having people just follow whatever trade is in there as very few people can gut out a loss like that.
Selling, puts - answered in last post but there’s no protection in it for you so it’s just gambling.
Wow, Yahoo with a huge sell-off, this is great!
October 29th, 2007 at 9:43 am | Permalink edit
Oh this is great assuming people paid attention to my weekend comments and cashed the naked Yahoo positions this morning! For those of you with covers, this looks like it might be a nice bottom but I’d rather see it test $33 before buying in (Jan $35s, now $2.56 are my favorite new entry). XXX
October 29th, 2007 at 10:02 am | Permalink edit
LVS - taking out putters here, will wait a bit to resell. Rolling up Jan $135 puts to $145 puts for $4 XXX also, rolling Dec $125 calls to 2x Dec $140s (+$3.50) and rolling Nov $120 caller to 2x $135s (-$2.50) XXX in $25KP and $10KP
October 29th, 2007 at 10:04 am | Permalink edit
Don’t forget if you are stuck with the YHOO Nov $30 caller, now is a great time to roll him to the Dec $32.50s for .40 or less (assuming you have April $30s).
October 29th, 2007 at 10:18 am | Permalink edit
AAPL - I wouldn’t toss out the insurance just yet unless you want to go to Apr $175s at $29.50 and roll the caller to the Dec 180s for $14, that’s a net cost of about $4 but well worth it to buy 2 months of space and put your caller into a higher premium.
