Today was a negative day for the bulls, no doubt about it. I started the day with a chest full of courage and venom, but left unsure and timid. I sold out of CALL, despite The Devil’s assurances, because it’s trading like someone knows the earnings will blow. If the earnings are good, I missed out. If they do what I now expect, I dodged a bullet, even though I just took an ax to the leg–losing 20% on the “trade.”
What sort of ridiculous trade is that? I lose 20% on my investment in one god damned week, based on some tip?
My JCP and AG shorts shot higher, while CCL dropped.
It was a slightly negative day for me, down 0.5%. I have a particular stock in mind that I’d like to purchase, in pretty good size. However, I want to see how this european soap opera plays out. I don’t feel like committing big funds with that dark cloud looming above.
VHC looks interesting from 21-23. I’d like to buy back, if only I was afforded a catalyst. Coal was up nicely this morning, but gave it all back mid-day.
Bottom line: There are lots of reasons to buy stocks now, as well as sell them. Let’s see what Europe does with Cyprus to decide out next series of moves. Should they go the free money, cocaine train rout, we’re gonna melt up hard again.
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I sold a little XONE and that’s about it. Just observing a bit.
Bought$JCP
Ben will buy CYPRUS
Tips are for waiters, strippers and shoe shiners.
At the risk of beating a dead horse….if you are looking for a catalyst on VHC, just remember by mid April, AAPL has to cut a deal for at least 1% royalty going forward or da Judge lowers da boom for more WITH daily 6 figure penalty, even if they appeal. The patents have been validated and re-enforced. Nowhere to go, nowhere to hide.
A shout-out to Mohammad El-Erian for making use of ibankcoin’s dept of metaphors and referring to “lighting two sticks of dynamite” in a Cyprus interview today. Granted, he’s still learning his ibankology – he used grammatically correct sentences, which would never happen here, and he missed out on any reference at all about flying to the sun. But still, not bad for an old guy.
Expired SPY in the money call spreads from Friday. 147-152’s paid a hair over 4. Had them taken out on exp Friday for 5. In some April SPY put spreads. 163-160’s that I paid 2.4 ish for. The market will not trade over 160 by the third week in April so I guess I can bank 15%+ by then too. Spreads let you make it both ways. Loving the FXY put spreads I have been running with since December. Friday opened a 134-131 FXE put spread that is already up 10% today. Also went long Gold and AAPL on Friday.