November 12th, 2007 at 9:27 am | Permalink edit
Cover your longs if the market goes down - not too complicated. Sell any Novembers that give you a nice premium for the week, set stops on them and roll to December if you have to. You can alway buy Nov index puts to protect yourself for 2 days rather than selling calls but I prefer to sell calls as my main cover and suppliment the gap with index puts.
November 12th, 2007 at 9:33 am | Permalink edit
FDIC limit - I wouldn’t put too much stock in that protection if things really hit the fan! There’s no way the FDIC can cover what they insure if we have a major failure.
See you guys are nervous and imagine how many other people are waking up today and moving money out of ETrade!
HOLY COW CNBC scared me with a -223 print on the Dow, it looks like their tickers are stuck. Meanwhile financials are trading UP, which is a good sign. GS speaks at a conference this week and, if nothing else, GS is a buy.
November 12th, 2007 at 9:37 am | Permalink edit
My little MRBs are coming back to my $5.20 buy zone. I’ll wait a bit but those guys are a gold mine (pun intended) at this level.
Other golds need to be covered until we see a bottom! XXX
November 12th, 2007 at 9:43 am | Permalink edit
SOX holding up, GOOG coming back fast. Oops, everything looking better now.
November 12th, 2007 at 9:59 am | Permalink edit
I don’t believe C’s numbers are accurate. I think it’s alarmist BS looking to shake accounts off the discount brokers. I’ll bet the Citi saleforce is working the phones today gossiping to anyone who’ll listen that ETFC isn’t a good place to leave your money.
