TM off to a very slow start compared to Asia, where it jumped 5%. I’m buying back my caller right away. XXX
Selling DIA $135 puts for .95 with $1.10 stop as mo play against my June puts. XXX
VLO – when something goes bad on my a day later I usually just watch it to get my bearings. Down .40 is no time to DD but my decision tree is that I still have faith so I will DD at around $1 if it hits that.
ATI $115 puts for $1.88 stop at $1.50 mo play (.25 tstop) XXX
DIA – Oops that was the $134 puts I was selling, not the $135s, which are in the money. XXX I sold those because they have a .70 spread, so even if it goes down I have cushion and it’s just to make up some of my losses (hopefully) on the June $132 puts.
LOW having a good day with earnings not till 21st. I like HD better and they report tomorrow so I’m going to pick up some LOW $32.50s for .05 just for fun as big HD earnings could knock LOW up a buck.
GOOG puts – I can’t bring myself to buy out my putters while they still hold a lot of premium. Of course if you have a small profit and can afford the move you can buy out the $470 putter and sell the $460 puts while it falls and hopefully get yourself into a better, safer position. The premium on the $470 puts is $2 but the $460s sell for $2.50 and are $4 out of the money so it’s a great trade-off. XXX
Don’t let the Dow fool you, markets getting weak. Taking out my DIA putter as I don’t trust this to hold. XXX
TM – I had sold May $120s for $1.42 which were in the money but the premium jumped up so I haven’t bought them back yet (now $2.55). I only sold against 2/5 of my position so it won’t kill me but I will take them out if it breaks $122. My calls are Oct and Jan so I have plenty of time to sell Junes later.
Note to new members – during expiration week I take a lot of momentum (mo) trades on May contracts. These are very dangerous and very speculative and I do not recommend them for most people but there are lots of people who like to know what I’m trading so I post them. I do it this week because the premiums are low and the leverage is high but all that turns quickly against you when you’re wrong and I stop out of most of these trades the second they go the wrong way. I also tend not to log + or – .25 positions as they tend to even out and are a waste of space.
Spent .25 to move DIA $132 puts to $133 puts at $1.50 XXX
GOOG $460 puts now at $3.25 and $4 is the best they’ve been in 2 weeks (other than spikes) so that’s what I’m looking for on the sale but I’ll take $3 if it breaks back up with the market (not looking likely).
GOOG $480s – oops forgot about those. Just leaving them as it was a gamble for me, if I do that every month and it hits one out of 4 times I end up ahead but it’s always a crap shoot.
There is a massive effort underway to keep EBAY below $35 which makes me want the June $35s at .75 XXX
ATI- I don’t go back to the well that often, I’m done at $2.40, which isn’t bad for an hour’s work. You can watch TIE at $39 for a reentry signal if they fail it there but at this point I wouldn’t bet on ATI going against the Dow so be careful if the market holds up. XXX
AMAT – lots of $20 callers, I think the $20 puts are going to be very tempting at .20. I’m going to pick up a few there and DD at a dime.
IBN – I have a note to myself to sell June $45s so we’ll see how long I can put that off.
Speaking of commodities, FCX getting killed, not sure why but it’s a big Cramer stop that looks toppy anyway. Taking the $70 puts at .50 for mo to see where this stops with a .20 tsop.
JBX – I love that company! Up 5% today though, where were you on Friday with this? Cramer picked them last week too so my choice would be to sell the $75 calls for $2.50 but I’ll hold them naked with a $3 stop until tomorrow as this may be some irrational exuberance. I’ll cover with the Dec $80s, currently $5.50 ahead of earnings. XXX (but you need to be able to sell naked calls).
CEPH having a good day. Taking GSK $57.50s for .20 for a fun play (lots of odd buy signals coming in – total gamble). [Did not fill]
