POT - I picked up Oct 100 Calls @ 166.00 after the gap closed. I was sitting on $5.00 profit before that evaporated into a $2.50 loss in the final minutes. I should have moved the stop to break-even but thought POT would rebound like GS did below.
GS - I picked up a few Oct 180 puts @ 116.00 but got stopped out awhile later for $0.40 loss. The bid/ask spread tightened today so going "short" financials is still possible. However, timing is important since you won't have short sellers to help push the stock down. As the market turned, I went long some shares as GS traded above the moving averages. Looks like Buffet will be helping but that may be tempered by GS's equity offering...we'll see. Here's a chart showing the gap closure:
BTW, I'm sure the Buffet info got leaked...probably GS buying there own stock. Typical Wallstreet shenanigans. However, no way the stock goes straight up like that on low volume if shorting was allowed.
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6 comments:
Are you titling these posts correctly? Shoul 7/23 be 9/23?
Thanks, Rik! My bad...consequences of late-day posting.
OE, r u still expecting the gap to fill ($54) on Amgen?
No, I just sold those Puts an hour ago. There's too much support in the 57's and I'd rather chase AAPL/GS type moves. I'm in SMH Oct 60 calls with you.
OE, just bought a few more (100) SMH Oct 26's NOT 60's
Yes, 26's! I'm having typing issues.
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