An irreverent look at Wall Street
No real liquidity in the option market here here so I guess you picked up some stock.Haven't been on your blog recently and missed the C call. Wow. If it's going to 7 its still a buy today, but maybe buy the Dec 5s on a dip or am I too greedy?Keep kicking ass.Noah
Just lightened up on some S&P calls that I picked up when the bears said we were rolling over at 980.Going back to the smaller stocks that get juiced again!
are you still holding nvda?
Sold my NOV Sept 38s for 2.50 today (bought last Friday for 1.45).Another nice trade, thanks.Was tempted to hold out for more, but oil makes me nervous up here. Besides, I'm of the opinion it is never a mistake to take profits in option plays, considering how quick they can turn against you. (And I've got some puts expiring worthless today to prove it! Ha!)
I kicked it nvda out today--right here 13.80 as I lost patience with it..probably goes higher, but it just didn't give me the action that i wanted
Nice trade!Yeh I got in a bit too early on the drillers though on the first go around and had to average in.Good trade though--on options, you have to take it!
Palmoni, I'm just curious about something. Right now you're bullish on the stock market, but is it safe to say that a problem in the bond market would make you change to bearish?
No--I think that bonds are a screaming sale right here--We had all this refinancing coming due, and rates moved down to accommodate them--a situation no one supposedly expected.I think momentum in the stock market is increasing, and eventually higher prices will cause a pullback.But not here.This rally, is just another running in of the shorts who thought we were heading down again.I'm not saying it isn't starting to get a little frothy here--and I recognize people are reaching for lower and lower quality names to get the juice.But we are just not high enough yet to bring in selling--the pullback to 980 was the correction, when I touted 999 as the line in the sand, just like we pulled back to 856 or so, when I touted 888 as the line in the sand.I think we still need to be prepared for what can go right--and with foreclosures at 13%, that will plug up the courts, and give a major stimulus to all those living in their homes w/o paying.Instead of being a negative, it will be a positive--which is the paradox nobody sees.(But unemployment benefits probably need to be extended again, to keep the masses in line.)Meanwhile every laid off white collar guy I know is now juking with stocks. My phone or txts never stop! Thank goodness it's the weekend!Now granted that is a small subsection, but a pumped up market, can solve some ills..And now Bernanke is talking growth--after just a few months ago the world was going to collapse.I guess he wanted to be the Messiah instead of Obama! But least he got one part right-he's Jewish--but not from the bloodline of the house of David!
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