So, the market is now closed. One more day of nowhere. Why is that.. I like my positions. What a tough market. Our Lehman short is doing well. Sold the XLB puts. Was as I figured, just short covering in this area. Even with the market down triple digits it did not move down. Time to get out.
IOC traded off 82 cents but had great volume. Just seems like the move is still coming. Hope we are not deceived here. After Kelly's dreams on this stock we have been trading it off and on. Recently we had 550 option contracts expire worthless because of...well, foolishness. Always buy contracts farther out than you think you are going to need them. Always. So we are in again. Sometimes I ask, "Why" you can get the same $25 move on almost any stock. Why this one. The dream. That is why. And to be part of a network of other traders trading the same thing. Does that make sense? I did not think so either.
Bought more Yhoo. The sale is coming. I can feel it. My BIIB trade traded off slightly but Carl Icahn bought in and this should help move it upward. I am thinking this could be a good longer term trade. We will see.
Tomorrow the 13'f are posted. Will be checking who bought what. I liked Karen Finerman's ideas yesterday of who to look at also. Will be looking at Tontine also.
What else are we trading right now? Msft for one. It is undervalued even if it goes through with yhoo sale, which we think they will. We just sold out of Apa. Great move there. Bought the Feb 100 calls and the March 100 calls when it was at 94. Played earnings. Sold at 106. Could have held longer but wanted to use the money to move into aapl. We bought the March 130 calls in aapl when it made a consolidation at the 124. Held the move to 130 then sold. I will move back in again next week some time for the next swing up. It will migrate back to 165 before long.
Ok. Good for now. Won't be posting tomorrow. Attending a funeral. Talk on Monday.
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