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Terrible Tuesday Wrap Up

Wowie! What a day!

I am very sorry that I was right to be bearish but I hope my sour mood saved you some money…

As I’m sure you could guess, I could care less what happened to the markets today once I cashed out my Google puts at $27 and $24 this morning (250%)! I came so close to selling them right before the drop as they bumped up to $397 but, lucky for me, it pulled back sharply and gave me the courage to hang on for the 10:30 disaster. It was exactly what I expected, a bad word out of the CFO’s mouth was all it took to send it spiraling…

http://finance.yahoo.com/q/bc?s=GOOG&t=1d

It was a very weird day with Oil up but oil stocks down, commodities up and commodity stocks flat, and everything else in the toilet. The housing number was in line and the GDP seemed OK so I guess we can blame the whole thing on one stock? We’ll see tomorrow but let’s be super careful until the market shakes this off.

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Apple showed a Mac Mini thing and a boom box that didn’t wow the masses and the stock got clobbered for it, down 3.5%! I don’t know what happened to MSFT’s announcement, maybe it’s Thursday.

Let’s see who didn’t lose today…

CY held flat – Man I love that stock! This is a real buy if tomorrow looks like a recovery as SPWR went up another 1.4% so CY needs to catch up. I like the $17.50s for .80 at the moment.

HAL had exactly the day we expected on that news, opened up $1, then plunged. I was way too wrapped up in Google to take advantage of it.

INTC did not go down! That’s a big sign so I’m getting the Jan $20s for $2.65 and I will sell the Apr $22.50s when they get to .50.

NT was flat – a good sign.

NOBL dropped right to the 5% rule, those CEO resignations are murder!

SPLS actually went up 6% today! Those earnings were better than I thought… The Apr $22.50s shot up to $2.15, almost a daily double.

CMCSA held up.

Today CSCO broke $20!!! I think they were trying to sneak it in when nobody would notice. Now that the cat’s out of the bag I like the Jul $20s for $1.40 to take a look at earnings.

LVS may be making a real downturn. The Apr $50 puts for $1.75 are a bit out of the money but you could be looking at a Google-like drop from these guys.

CBS is suing Howard Stern, this is crazy! I’ll take SIRI on the drop because this has nothing to do with them and the ratings will be huge.

Anna Nichole went to Washington to ask a bunch of old men to give her money for sleeping with a really old man, I’d pay to watch this trial!

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GM held up today but you know how I feel about that one. I hate to get into it with this wave of subpoenas being served on analysts who go negative on a stock… How sick is that anyway? What about all the jackasses who tell you to buy horrible stocks? No one bothers them…

Speaking of Cramer, how ironic that he is being questioned by the SEC about Overstock, one he was right on the money with. It is a bad company! They make no money – they are not going to make money in the near future. What does the SEC want, only positive things said about stocks?

Actually I love Cramer but I do think he is reckless with other people’s money. Things like Monday’s Google pump really make me wonder about him. He must have been able to admit he was wrong or he would have died as a trader but I think his ego’s gotten a little big and he thinks he can will his followers to do his bidding. After writing “GOOG” on his knuckles you can imagine he doesn’t want to be seen as a flip flopper so he just wanted it to go back up so badly he started to believe it would.

I, on the other hand, have flip flopped on Google several times and made money each time – what’s the matter with that?

That being said, the only thing I left open were a few $360 puts which I flipped into when they were $10 (using only a little of the profits, not greedy) but I think that the CFO knew exactly what he was doing this morning – I think the intent was to deflate expectations going into Thursday’s analyst conference because a nuts and bolts discussion will lead to another 30 point drop but let’s wait and see!

By the way, had I spread Google I would have still made 150% and slept more soundly so it’s another one of those “do as I say, not as I do” things…


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