9/15 Day/Swingtrades

What a wild f'n day! We would have been much further along in a recovery had Paulson let Bear Stearns fail 6 months ago and put the fear in all the banks to clean up their acts. Instead, the government's bailout and subsequent lending facilities just postponed the inevitable. I wouldn't be surprised if Paulson lets them all fail until his cronies at Goldman are the only ones standing. This market action is setting up for a very ugly October.

Regarding options expiration set-ups this week, the premiums are still a bit high given all the volatility so I'm going to wait a couple more days as we get closer to Friday to load up on at-the-money options for intraday trades.

GS - I picked up Sep 180 Puts @ 147.35 and sold waaaay too early @ 144.00 for $3.00 profit on the Puts.


LM - I sold my remaining position for $5.00 profit on the Puts. It will probably go lower tomorrow but with GS reporting and the Fed meeting, I didn't want too much exposure overnight.

BUCY - I got stopped out of my remaining position at break-even.

SHLD - I sold this out flat after the open.

UNG - I used the intraday spike to unload this for $0.20 loss on the Calls.

Swings

WNR - I'm glad I rolled my position into the Sep 12.5 Calls. Despite today's drop, I've still got half my cost intact on the premiums so I'll wait it out another day.

SRS - I picked up some Sep 90 Calls when the stock broke 88.00 and then some Sep 95's at the close. A few fellow bloggers have said that commerical real estate is the next shoe to drop and I believe it. With all these banks selling assets to raise capital, it will be a fire sale. Have you driven by your local "industrial" park or office centers lately? The ones in my area are like a ghost town.