Friday, it looked like everyone was positioning for weekend news the last hour. It's crazy to watch the low volume spikes with the ban in short-selling, especially with the NYSE ringing the bell 1 minute too soon. Pull up the 2-day 1-min chart on STT. COF, ZION and JPM also spiked in the last few minutes. Let's see if our "elected" politicians can come to some agreement this weekend without any theatrics.
As I mentioned on the previous post, I got nailed for holding POT and WB calls overnight. So, I spent the morning looking for good exit points and also trying to position for the weekend.
POT - Ouch...even for the small position
Bought @ 158.00,
Sold @ 149.50
Loss - $8.50 on Calls
WB - I should have dumped this when it didn't participate in yesterday's rally.
Bought @ 15.25
Sold @ 10.00
Loss - $2.50 on Calls
UNG - I picked up some calls as it traded back down to the 33.00 support level. This area has been decent support the past month so I like the risk/reward.
OIH - I picked up some Oct 165 Calls at the close. This is the same logic as last week. Oil looks like it wants back up and any rescue package should weaken the dollar and strengthen commodities.
I added some more SMH Oct 26 Calls and am still holding the C Oct 17.5 Calls from yesterday.
Subscribe to:
Post Comments (Atom)
Posts
10 comments:
OE, careful with C as if they add more toxic waste (WB) we may see the same initial reaction as we saw with BAC when they announced purchase of MER. I'm also hearing negative rumblings again on this one.I'm thinking of pulling triggers quickly on my SMH calls as I don't trust this market. I will be adding again to XLU,UNG, & GG. I will hold my XOM's for a day or two. Take a look at the airlines. Did very well here in July but the parties over, I believe...looking to grab a bunch of AMR as it's sitting on it's 200 day with plenty of skies below it. May try for a quick bounce in BUCY-Oct 45/47.5's calls. Good luck this week. I hope we get a chance to load up on AAPL/AMZN puts sometime this week. Lots on the radar and looking at the rear view mirror as well.
Thanks, I'll be keeping my trades nice and quick this week. Those airlines do look weak. UAUA looks like it want to crater as well. We'll see if the market will sustain any upward momentum after the bailout finalizes. Earnings are around the corner and if they're anything like RIMM, we'll need another bailout package!
OE, yes UAUA as well, maybe below Fridays low of 8.85 and she's toast-also, may be some truth to the ongoing rumors of bk although they've been on the brink for 25 years-my dad flew for them for 37 years. I Would appreciate any thoughts on BUCY for a quick trade as this sector may rally imo...but who know's.
D, when I scanned the oil services charts earlier, BUCY, JOYG and OII look the strongest. BUCY could be a double-bottom but all the options look pricey. If possible, wait for an intraday pullback close to 42.00 or try the 42.5's to give yourself come cushion.
OE, will do, THX!
OE, missed the home run on WB...oh well, plenty left...KEY is even more worthless...keep your eyes on that one. I don't have a position, yet. I may buy this dip this morning. Will certainly buy GG on any pullback.BUCY, watching for 42.20 as you suggested.
Well, there goes AAPL, 100 next stop.Bought 500 FNM 2.50 calls...1pm est call about bailout may give this some fuel...bailout benefits FNM & FRE, imo.
Buying a few WFC Oct 40's (100)calls....looking very strong...I think this is being set up for a big rally over the next couple of days albeit today it looks like rally attempts will be faded.
banks are being "upgraded"...can you believe it? NCCI & Sovereign Bank-big balls to do that...could be telling though.
That was a quick downdraft. I picked up som OIH & APA calls as well as C shares. I passed on WFC @ 36.00 last Friday. It's been very strong. I couldn't find a decent entry on AAPL. That would have been a nice $10! Check out FED, this one could be next.
Post a Comment