Wednesday, July 23, 2008

Another Rally?!

The strength of the market has caught a lot of shorts with their "shorts" down. I'm not going to fight it...just riding the trend. Quick update:
Rolled BAC Aug 30 Calls to Aug 35...hit the $34 target!
Doubled LEH Aug 17.5 Calls @ 20.80
Sold half WB Aug 17.5 Calls...way too early again w/ stock at 18.00
Check out this chart of SHLD. I don't like the company and think Eddie Lampert messed up but boy, after that downward trend, the shorts are covering hard! I'm in on a pullback...probably Aug 80 Calls.


2 comments:

Romeo Bravo said...

Great call in SHLD! To bad I missed it!

OE Trader said...

Thanks! I thought I missed it too but it retraced perfectly back to the break-out level and rebounded. I'm in Aug 80 & 85 Calls.