Wow, that was one nasty looking seesion! Thank goodness for the $700 Billion "Rescue" package that was approved too late. Trillions have been wiped out of the markets. And, how about that short-selling ban. With no shorts to cover, there is no one to cushion these sell-offs. Paulson/Bernanke are running out of ammo and have yet to address the "fear" in the markets. Everyone has seen the bazooka and they're not impressed. Time to unveil the f'n new and improved Death Star! I say coordinate a global interest rate cut and bypass the banks by lending directly to companies in need. IMO, those are the only 2 ideas floating around that have a chance to stabilize the world markets. At some point, housing needs to be addressed but there is still too much excess that needs to be worked off. Around my neighborhood, people still think they can command 2005 prices...fogettaboutit!
Sadly, I hope we don't see anymore of this...
http://news.yahoo.com/s/ap/20081007/ap_on_re_us/bodies_foundToday, I missed the early AM breakdown but caught a couple reversals.
GS - 115.00 has been good support since this is Warren Buffet's exercise price. I picked up some shares after the $115.00 retest @ 116.50. I sold 1/2 near the close @ 125.50 for $9.00 profit.
AAPL - I picked up some Oct 50 Calls as AAPL found support around 88.00. I had an open order to sell once it hit the opening range high so got out a bit too early. Picked up $4.00 on calls.
I also took home some OIH Oct 125 Calls and still holding positions in FNM, AIG and SMH.
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8 comments:
OE, nice going today. I closed my AMR puts at great profits. I'm hoping C rallies as I'm waiting to buy puts. Still holding those now dreadful FNM/FRE positions but looking for some relief tomorrow.
Thanks, D! Nice going yourself with AMR. You called that one nicely. I totally forgot about those. UAUA is $2 lower than where I got out last week...damn. I hope we get some relief on FNM/FRE as well. At one point, there wasn't even a bid for those Calls. At least there is more upside than downside now...I hope.
Bought C & BAC puts today at mid day....let's see if the short lift helps us pound these into the ground.
Nice timing on those puts. Financials took a dive. I actually squeezed out a profit on C Oct 10 Calls before it fell back. What a wicked market!!!
OE, whew! hope you didn"t get hurt. My BAC/C puts were unbelievable. I won't even tell you how many(I'm sure you can take a guess) I had (closed 75%)at close today. I also bought Oct QQQ 31puts on the close. I expect global chain reaction & Fed out of bullets-at least gap down on the open. Will maybe go long SSO (maybe) thereafter.
You da man! Nice going with those puts. I was slow rotating stocks in and out of my watchlist so only caught part of the OIH breakdown. There was so much panic selling in the last hour.
Wht is the time frame on ur charts ?
These are 5-min charts. I typically like to use the 15 & 30 Min charts but have switched to 1 & 5-min charts due to the recent volatility.
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