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Friday Virtual Portfolio Moves

Posted June 15, 2007 at 9:28 am | Permalink (Edit)

TIE – I have the naked July $35s, which I think I’ll be very pleased with, will probably roll them to a leap if we get a good run.

Market trick- bid a buck for the DIA $135s at the open, you may get lucky from open sell orders! XXX

Posted June 15, 2007 at 9:41 am | Permalink (Edit)

TRMP exploding on Penn Gaming deal.

Gas Airlines – short the airlines, fuel is 1/3 of their cost and they aren’t raising prices – bad mix.

GOOG – selling $500 calls for $7.10 buying 3X $510 calls for .30 so I’m in pretty good shape if it pops through XXX

Posted June 15, 2007 at 9:45 am | Permalink (Edit)

AMZN $72.50s for .12 as a craps roll XXX

Posted June 15, 2007 at 9:56 am | Permalink (Edit)

CCJ – nice break for me as I didn’t take out my June caller yet! That may have been the biggest pin I’ve ever seen…

Posted June 15, 2007 at 10:02 am | Permalink (Edit)

TSO – now’s a good time! (To DD)

Posted June 15, 2007 at 10:03 am | Permalink (Edit)

DIA $136 puts for .12 are a very cheap cover! XXX

Posted June 15, 2007 at 10:06 am | Permalink (Edit)

If you did the GOOG trade you should buy back 1/2 of your puts so you have your calls for free, or, in the very least, put a tight stop on them because it’s very doubtful you’ll get your $510 money back. XXX

Posted June 15, 2007 at 10:08 am | Permalink (Edit)

CCJ will not be denied, looks ready to pop so I’m grabbing some $55s for .25 just for fun. XX

Posted June 15, 2007 at 10:13 am | Permalink (Edit)

UNP – first of all, very bad and greedy not taking him out earlier in the week! Lucky for you the premium is astounding so best play here is to roll yourself to 2x $120 calls for $11.50 and sell 2X the $120 calls for $4.70. This takes $2.50 off the table, puts another $3 per current share in your pocket and gives you $4.70 worth of protection (almost half your call) with a $3.50 premium on your caller. This trade is XXX as a new LTP play (but we’ll be rolling to the ‘09 $120s soon).

Posted June 15, 2007 at 10:13 am | Permalink (Edit)

Sorry that was selling July $120s of course.

Posted June 15, 2007 at 10:24 am | Permalink (Edit)

GOOG – how was that for a good top and bottom call? 8-)

Buying $500 puts for .20 just for fun so now I own the $510/$500 put strangle for 0.

Posted June 15, 2007 at 10:27 am | Permalink (Edit)

MO – I’m stuck with the damn July puts naked now and I need to sell them, will take an unfortunate loss if they don’t drop back to $70.50…

Posted June 15, 2007 at 10:51 am | Permalink (Edit)

Highest non-core CPI since April 1999 but the market didn’t collapse for another year so party on guys!

EOG Jul $75 puts looking good at .90 XXX

Posted June 15, 2007 at 10:55 am | Permalink (Edit)

IRBT looks like it’s on autopilot!

SU $90 puts for .15 as a mo play XXX (gamble).

Posted June 15, 2007 at 11:04 am | Permalink (Edit)

Wow, a double on those DIA Aug $138s!

CCJ – yw! Don’t be greedy, half out with better than a double is nothing to be ashamed of. I’m stopping my other half at .25, now way do I give up a 60% gain on the total..

Posted June 15, 2007 at 11:09 am | Permalink (Edit)

Aug $124s! Wow! Congrats… Why risk it? I’d roll half the profits up to the $139s for $1.90 and sell those late June $137s (HLKFG) for $1.10 as you risk just .80 to the downside and he’s paying you a 200 point premium for 2 weeks (Dow has to hit 13,820 by 6/30 before you owe him a penny and your shares should pick up a buck by then anyway so upside risk is very low). XXX

Posted June 15, 2007 at 11:13 am | Permalink (Edit)

YHOO – we have fully sold July puts against but they’ve been such a huge disappointment (and .20 on a huge day is no sign of strength) that I’m unwilling to cash out my caller but only due to the lack of flexibility in the $10KP, in general you may as well as you can always roll yourself down and sell again.

Posted June 15, 2007 at 11:35 am | Permalink (Edit)

ADBE – oh man and you didn’t cover? That was never a play to leave naked. There’s still a good premium on the Jul $42.50s at $1.73 and I do think they’ll recover so I’m going to stay naked on my October $42.50s for now but my basis is just .70 (assuming my caller keeps his .30).

$10KP DIS with a very nice move, FIZZ is being pinned big time, MO is killing me, TWX I hope it’s pinning, FWLT should be rolled up on both ends, DNDN just hoping for a miracle, YHOO predictably disappointing.

Posted June 15, 2007 at 11:38 am | Permalink (Edit)

POT sudden sell off, FDX being pulled down, TGT bounced off top, could be early signs if they break down from here but good sign if they pull it together from this spot.

Posted June 15, 2007 at 11:55 am | Permalink (Edit)

ADBE – like I said, with my .70 basis I wait but with a $2.70 basis I’d protect by selling at least 1/2 the Jul $42.50s.

Grant – true and enough people watched it to hit MS after the open. I can only hope BSC takes a dive as I got stuck in the $150 puts yesterday.

Posted June 15, 2007 at 1:27 pm | Permalink (Edit)

Come on GOOG – $10 either way, I don’t care which!

BA – if the market holds up it hardly seems like one you want to dump. You can’t make judgments based on expiration day.

Very strong market in general

Posted June 15, 2007 at 2:06 pm | Permalink (Edit)

SHLD – that’s because they could pop $1 in 5 seconds, you need to ride that out to the bitter end if you want your .50 so it just depends on how much you like to play Russian roulette. Personally, I would have the conviction that they will pin just resign myself to roll the guy near the close if they dont.

Posted June 15, 2007 at 2:23 pm | Permalink (Edit)

Thanks Dom by the way!

SNDK – very volatile, I would never chase them. I play them all the time long short but naked short is crazy on this stock. One thing I’ve been thinking of with SNDK (and others) is a laddered bear call strategy. You can buy the Jul $47.50s for $1.20 and sell the $45s for $2.50. If it fiinishes in the money you owe your caller $2.50 and you lose $1.20 on your call so you sell the Aug $47.50s against the Aug $50s for another $1.20 spread and you just keep doing it until you win, never laying out more than the $1.20 and most likely getting a double at some point in the next 12 months.

Posted June 15, 2007 at 3:02 pm | Permalink (Edit)

GOOG going down, this will be interesting if they turn red.

QQQQ $48 puts for .29 – very dangerous but fun! XXX

Posted June 15, 2007 at 3:45 pm | Permalink (Edit)

OIH/all puts – not with oil at $68 but I am rolling up ahead of the weekend just in case.

 

 


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