Surprise! Looks like UPS missed rather badly. Amazing how it was coincident with that failure at significant resistance, yesterday, no?
Not really, actually. I find that if you take the position that the market is always smarter than you, you’ll be in a much more mentally secure position as a trader and even investor. Think of the market as that extra-special clever friend, who doesn’t mind seeing you make money if you’re careful, diligent and valorous, but who also takes delight in your being hurled from ninth floor parapets onto the rocky shoals below. Not very much unlike this guy….
[youtube:http://www.youtube.com/watch?v=pWS8Mg-JWSg 450 300]_______________
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Watch these dippers swoop in and buy it. Everyone is flush with €’s these days. That said I am long drys.
Pretty sure I saw them testing out catapults and slingshots for infra-metro deliveries.
UPS will probably set back the global growth story stocks for a while. Could also derail this uptrend for a few days as well.
This will be healthy for the market because we desperately need a pullback. Not a falling knife, a pullback.
‘Intra’ – apparently I can’t edit off an iphone.
Seriously – I thought the decline in delivery volume would be much worse.
UPS is my indicator of economic activity in a different way. I live in Atlanta and buy stuff on the internet from all over, I always choose the cheapest shipping. Its always UPS. I judge how much economic activity there is by how long a package takes to get to me.
In the past couple of months, I have been getting packages from Portland in two days! Thats all the way across the country, at the cheapest ground rate in two days. There must be little or nothing in the pipeline. Normally, Portland could take 7-10 days.
Amazon prime is always two days, now UPS with very little in the pipe can match them with ground shipping.
Covered at 50.79 for a $5.20 move…
Ahhhhh yeaaaaa…
NOICE!! ^^^^
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Look at her run back up that pole, Cap’n!
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Jake, If only the “haters” over at Fly’s would browse through here and pick up a few of your golden nuggets. Good stuff.
RE: the covered call writing, do you do it regularly or only as a hedge when you think UPS is ready to break?
I hope you sold those (juicy) calls yesterday!
As apprehensive as I was about my GLD calls a couple days ago, I am just as glad I have them today. $90? Yes, we can?
I was thinking UPS’s action this morning might be just a nice healthy shakeout. Looking so at the moment. Been seeing alot of these on alot of stocks the last few weeks. Doesn’t seem to be as much downside followthrough lately which seems to be a bullish sign for the market.
RE: the covered call writing, do you do it regularly or only as a hedge when you think UPS is ready to break?
— Usually only with big positions that I need to hedge, like this one.
Peez– yes, hedged the whole position with joozy 3.90 Jun 55’s.
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Caveman: Agreud! Nice Site! I will definitely be visiting.
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Covered call writing used to be fun when stocks actually paid a dividend.
Of course, that is kind of like thinking about all of the girls I should have f*cked when I was younger.
And gratz on the new gig, Jake!