Summary - Thursday, 2008.III.06
Thursday, March 6, 2008 at 6:45 pm
It’s a bit grim out there, to say the least. Yet we’re still holding 12,000. Should we break that tomorrow (on the heels of non-farm payroll [25-30k expected] & unemployment rate [5.0% expected] data), than the real fireworks shall begin.Â
I’m not 100% convinced that we’re going down tomorrow, even if the data sucks…mostly because almost every stock on my screen is oversold! Of course, that may not matter a bit. Instead of picking a direction, I will be looking to use some neutral/bi-directional strategies, taking advantage of the wild swing that is sure to occur. I would be very surprised if we don’t see another triple-digit day up or down.
DP Buys:
- Saw some success yesterday with long calls (more on _that_ later), so I went long (CTRP: 38.65 -0.39%) calls at $55. Several percentage points lower, the uptrend is still holding…barely, if I squint just right.
- (PBR: 47.10 +0.73%) - was watching this in the morning and bought some Apr 115. Puts when it failed to break through $118. This was a rare trade in that it was neither limit/stop nor at open/close, since I had the time this morning to actually watch the price action.
- Took the (GME: 19.21 -0.72%) bear put spread trade highlighted last night. Bought Apr 45. Puts and sold Apr 35 Puts as GME dropped past $45. Straight puts were the more profitable option, in retrospect, but I still held my false belief here that calls were generally a good idea.
DP Sells:
- (BIDU: 550.24 -0.70%) puts and (DRYS: 6.17 -0.16%) calls were both stopped out on the -30% trailing stop. Both are worth getting back into under the right circumstance, especially BIDU. DRYS support is also still holding…
- Sold (ALK: 40.56 +0.45%) calls when they dipped below yesterday’s low. Slight loss.
Great call on GME, i caught some of the move as well.
Thank you.
Although calling shorts right now is aking to shooting fish in a barrel.
DP–
Do your initials stand for “double penetration”?…because apparently that’s the treatment the market got today.
Just asking….
Only in the right circumstances, ADawgg.