That was one ugly day! Oil flew up $1.50 and killed the markets (as expected). But we managed a few winners:
Got stopped out of SIRI with a 10% profit after it triggered my stop. I cannot find any reason for the drop and I will look for another entry but XMSR was up and I won’t want to touch it until I find out what went wrong.
TOTD GG just barely made it to $1.50 for a 50% profit. The stock collapsed later in the day and I might want to run this set-up again if tomorrow is another up day for gold but it’s a very good example of how a stop and target discipline make the difference between making money and losing money.
The NEM Jan ’07 $45 was flat for the day at $10.50 but the Jan ’06 $50 had a wild ride but settled down to $2.55.
MRB dropped .04, this makes me worry about the whole gold market.
As I feared, NOK is more stable than MOT.
The INTC Jan $25s returned 30% today and actually stayed up, although off it’s highs a bit.
CVCO really took off (2.2%) so I guess that was a turn signal!
CME was up $7 (2%).
The BCRX Jan $15s are at $1.40, a nice 10% bump.
SHFL was a perfect entry the Jan $25s picked up 40% and I’m not greedy, I’m going to half out and put a stop at $2.50.
HSY picked up 1%.
YHOO had a rotten day but Ebay suddenly woke up by 2.3%.
It took all morning but the market started warming up to COP buying BR. My $65 calls are almost certainly dead but I re-upped on January $60s which already turned a little profit.
NGS was a bad call if it couldn’t go up today (-2.8%). No more on that stock!
Our favorite oil pick, CHK had a nice 4% run. It’s a possible takeover target.
Today was a good day to buy WMT! It opened nice and low and the Jan ’07s finished up .10 while the Jan $50s did not hit our sell price yet.
Apple never made it over $50 – it may bounce down.
TMG gained 3% today but GGR dropped 2%. I had meant to say the June $10s in my post (there are no $12.50s) and both options remained flat.
Last week’s pick BOOM had a hell of a day, picking up 9%!
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Oil is back at that magic $61.39 inflection point in the after hours – there is a lot riding on its next move.
GM took a dive in the AH as well. Today they had additional credit downgrades and there is further speculation that they will go bankrupt (you heard that here first by a month!).
I moved into 1/2 cash today. With today’s weird movement and option expiration on Friday, I am not very trusting of this market’s direction.
