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December 14th, 2012 at 9:54 am
Sorry, should have mentioned that XLF at $16.04 means we're a lot more likely to bounce up than break down and, if we do go up – we'd rather be naked and ready to sell next week calls than worried about our short calls being stopped out. StJ's idea to set a stop at .50 works too – as long as you're willing to watch it closely.
Dollar just below 80 at 79.96 and bullish as long as we stay under the line. Oil testing $86 and tempting to go long off that line into the NYMEX close (2:35) – just because they are likely to goose it into the weekend but keep in mind there's a lot of selling pressure due to open contracts and it's all going to hit the fan between today and next Wednesday, most likely.
Thanks Aaron.
FAS/Newt – That's why we get into the discipline of selling premium and not worrying about weekly outcomes. We will lose some and win some – there's no reason to panic as we're only going to do it all again next week and the key is to have faith that if we just do our jobs and keep selling premium, these little up and down moves will only be noise along the way in retrospect.
AAPL/StJ – Nice call at $509!
FAS Money/StJ – Well, we went through 3 other iterations of it that were much more volatile. I think this XLF/FAS combo is a winner as we are dealing with relatively small amounts of FAS which, like a nuclear fuel, needs to be kept below critical mass so it doesn't blow up in your face.