Yesterday's trades:
GS - I sold the shares @ 129 for 13.00 profit. As it consolidated on the 5-min chart, I picked up some Oct 70's @ 130.50 and sold 1/2 for 2.50 profit around 133.50 and got stopped out at breakeven on the 2nd half at the close.
AMGN - There was too much support under 58.00 so I sold the Oct 65 Puts for $0.50 loss. Looking at today's tape, I should have flipped to calls.
SMH - I joined Darwin with some Oct 26 Calls.
WB - I picked up some Oct 12.5 Calls @ 15.23 as the stock traded back above the moving averages on the 30-min chart and in anticipation of the bailout news.
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7 comments:
OE, are too many Joe investors(99.9%) thinking this market rallies on the bailout? that worries me...markets never move according to the herd expectations.Someone's going to get clocked.
I was thinking the same thing as the rally faded after that morning press conference. Looks like the deal is not finalized, RIMM choked and WM taken over by JPM. We're going back down...
BTW, lots of volume came into those SMH 26 Calls which kicked up the premium.
OE, yeah I saw that volume as well...could of got mid 80's for a while.Paying close attention pre market.The botched bailout could set up the capitulation we've all been waiting for. Watch AAPL, if it breaks 120 I think we could see 100 VERY QUICKLY.R u seeing any good possibilities on the downside?
OE, semi's could be a safe haven (if there is one)-just can't deny how stable this one looks...went in on another 100-600 total now. Any blip reaction from the bailout will probably be short lived-finger will remain on the trigger.Really hoping for a blip as I will be loading on AAPL & AMZN OTM puts-if RIMM falls because they are 1 penny shy of estimates...
Hey D, I added to those SMH calls. As you mentioned, they held up very well today. I'm with you on AAPL/AMZN. I can't imagine people are out spending lavishly. I took a decent loss on WB but made some of it up with C. I also put on a bull spread with FNM and picked up some OIH.
OE, sold my WB Oct15 puts I bought Tuesday a.m. (only 50)-still grt profit-I thought long and hard yesterday and most of today about buying some FNM 2.50's or 3's calls, but didn't pull the trigger-which ones did you buy on the bull spread? correction, i have 700 SMH 26's now...careful following me into the abyss..ha ha-let's make some "game changing" money!!
Good call on WB. I had some profits but got caught holding the bag after the "sell the news" letdown on Thursday afternoon. My bad, I just looked at my trades and I realize I didn't put on a bull spread. I was considering it at first but decided to pick up the actual stock and sold the Oct 2.50 calls. No worries on SMH. In addition to you highlighting it, I like the recent strength and am scaling in, currently at 100 calls.
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