DIA/Burr – They are dead now unless the Futures break 12,400 but, at this point, I'd flip to the June $118 puts at $1, which have a .20 delta that will move up pretty fast if we drop 200 so probably make .50 on a 200 point drop, which makes it comfortable enough for a weekend hold if you intend to roll it for protection if we gap up anyway.
CNBC (not too trustable) says insane amount of retail orders on deck which means an insane pop at the open as idiots put in market orders to buy so game on for the bulls I guess…
May 18th, 2012 at 10:40 am