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May 4th, 2009 at 10:01 am
OIH/Maxt – What the May $85 puts? You don’t do anything while they are flying up like this but the plan is to DD at .45 (almost there) or roll up to the $90 puts for .70. I’m kind of favoring rolling up and then doing a DD at .90 (if OIH keeps heading up) but with the Dow over 8,300 – any short play is foolish.
Dollar flew back down at 8:30, down about 1% since then. That got oil back to $53.50 and popped gold over $900 and, of course, goosed the markets.
We’re flying now, through 8,300 and 890 on the S&P.
Pending home sales up a huge 3.2% – they can make a lot out of that so must be full covered on long DIA puts with May $83 puts while the Dow holds 8,300 and the S&P holds 890.