Holding 13,700 is a must for the Dow, 2,650 for the Nas and 1,510 for the S&P otherwise we go back to 1,505 and that’s a test we MUST NOT fail.
Oil taking a major dump PLUS I forgot to mention that BP confirmed everything bad I said would happen to integrated oil cos this quarter. That’s a big problem for the XLE!
GS and BSC turning up, let’s keep an eye on them!
Oil puts, hard to risk tomorrow’s inventory, the whole sector may turn up this afternoon if oil holds $79 Remember if you doubled down or rolled losses then you should be keeping razor thin stops to get yourself out even and thank God it worked. We can always use cash to reposition for the next round down but there’s always a Nigerian ready to kidnap on call!
Lot’s of buyers stepping in already. I like CSCO as a bargain hunt, they are pairing up with a Chinese networking firm so the Oct $32.50s are good at .62 XXX 10 in the $10KP!
SYX – with a month to go we can only hold it, may be a very bad one if it doesn’t bounce.
GRMN still going up!
GS, LVS still strong, TSO flyin up on surprising news they will join the S&P.
Advance = 522, Decline = 2,659, let’s keep an eye on that every hour or so.
Bought back GS callers but will recover if we blow our levels.
Nothing seems to be able to bring GOOG or AAPL down.
MS still going down and down.
MSFT holding strrong (good Halo sales).
RIMM – amazing.
SOX coming back led by SNDK and CY
Took out XLE callers at .20 XXX
CY Nov $30s at $1.30, 10 for the $25KP XXX
GS leaving just the Jan/Oct $220 spread on, the rest all sold.
Here comes housing…
Rolled XLEs down to Oct $74 calls to protect many oil puts. XXX
ICE also going nuts on S&P inclusion.
Sold FXI $160 puts for $4.
Tech getting bought, didn’t see housing data (Bush is on) but something good must have happened.
GS calls – watch out for MS, MER, BSC, LEH… doesn’t exactly look like the sector agrees with GS buyers.
Buying XOM $95 calls at .75, looking for .25 gain as a mo play, stop at .70. XXX
BHI $90s held a lot of value for such a big fall. Selling for $2.80. Will buy longs to cover if the break back over $90 (probably Jans).
CSCO – LOL, I would never chase a 30% 1 hour gain! That’s just me but I can’t do it! I do like CSCO long term and you won’t do too bad with the ‘09 $35s at $3.90. You can sell the $32.50s for a whopping .80 but I’d wait for $1+ since my target for this run is right about $32.50 (you can buy mine by then!).
CROX failing after giving me a scare on the $60s I sold..
If BIDU cracks $295 they may really head south, maybe $285ish. Let’s see if they can retake $300 but, if not, the $290 puts may be worth a look.
VERY strong recovery which you have to respect on top of all that bad news. People are just determined to buy no matter what and that’s not something you want to get in front of.
I said yesterday to keep an eye on YRCW for signs of an actual economic recovery – look at them now!
IMCL Jan $40s (Happy 100) down to $5.90 if anyone missed entry yesterday. XXX
CROX – don’t forget earnings are at the end of the month but after expiration so I still like the sale of the $65 calls at $3+ against pretty much any longer call (I have the Jan ‘08 $60s).
TSO $50 puts at $1.90, were $2.40 yesterday are good to sell against the Nov $50 puts at $3. Going for 10 in the $10KP and 10 in the $25KP. XXX on a $1 spread.
GM – it’s a gamble because the end of the strike could be a wipeout but a week of strike and it will be a huge gainer. If they do settle, then F becomes a buy as they have the same issues so the F $7.50s as a mo play would be the way to stop your GM losses.
MSFT – I have the spread on the Apr/Oct $30s ($1.53) and the SYX I have the Dec $20s at a big loss (-$.85) so far so either one can be entered still.
TSO – I bought just the Nov puts for $3.10 and I decided to wait a bit to sell the current $50 puts, hoping they get back to $2.40 on a dip and, if not, I have my XOM calls (and XLE calls) to the upside.
TSO – I always advocate entering a spread as a mo play where you take your leg while it’s going your way and sell the offsetting position as soon as it stops.
VLO group giving negative signals at the moment but I’m still very concerned about an afternoon oil rally. That would, by the way, probably lead to a broad market rally as the energy sector is currently off about a point and a half.
Done with CSCO $35.50s at .80 XXX
HBC turning down.
XOM calls – I’m keeping them for balance, otherwise a big gamble.
FWLT – I was just deciding whether to DD but not low enough, probably at $2.50 I would DD.
Speaking of which, I’ve moved all my XLEs to the Oct $74s, now 2.05 and I am selling the Sept 30 $74s against them for $1 (hopefully) or .75 if the market is really tanking here. They held $74 earlier on good volume and this is a very low volume dip comparatively so it depends where the next volume spike takes it.
Speaking of leaving – I’m out of here in an hour. Gone for the rest of the day so watch those levels. I think we’re going to hold it together but I wouldn’t bet the farm on it. GM still hasn’t broken down, which amazes me and they can really kill the Dow if thy do.
S&P holding 1,510, Nas fine at 2,670 – 2,675 would be nice, Dow won’t give up 13,700 and 13,750 would be a strong finish considering.
CSCO – well I got out too early..
Out of IWM puts.
SYX – we moved to the Dec $20s, now $1.55, we can always sell the Octobers to some other sucker.
OIH breaking down: $190, XLE holding $74, OGX holding $270, OIH holding $190 – if we lose 2 of these then oil is going down but if all 4 hold, afternoon rally is very likely or at least somthing into inventory tomorrow. Sharon is saying storm, storm, storm although there is actually nothing even worth mentioning but she says “keep in mind it’s still hurricane season) – it never ends!
FNF Nov $17.50s at .85 10 for the $10KP and $25KP XXX
