Monday, September 16, 2013

Larry Summers Early Withdrawal Fires Up the Bulls


I threw in the financial towel on Friday and had two back to back meetings at the Soho Nespresso last week, so couldn't blah.  Little did I know people were knifing me in the back as my calls and puts got simultaneously sold.  

When in doubt, sell calls.  When things seem bullish, sell puts.  That's been the money making strategy all year and I still don't get it.  

The financial mayhem continued today and twice, I stepped up to, then stepped back from, a TLT $103 straddle.  I might step up to the plate on Wednesday.

I was also going to add some VXX $14.50 straddles too, but decided not to do any more positions for the Naked Call Sellers and the Naked Put Sellers are hanging me out to dry.  I'm banking on my VIX calls going deeply, deeply into the money after Bernanke's Final Act, but anything can happen.  

My most painful positions include AAPL calls and PANW strangles and boy do I regret them.  Next time, I'm not getting into any more straddles or strangles that cost me more than $3.  I actually kind of prefer the ones that cost less than $2.

My FB straddles are just starting to see some directionality, but do I hold onto them and hope that they'll go into the money just like the ones before or do I get out with about a 50% loss for fear that the puts will get sold for whatever reason?  

A string of losses has got me down, but somehow, I'm more determined than ever to forge ahead.

Good Lord!

-3.06% SBA
-3.17% Roth IRA

+0.77% DJIA
-0.12% Nasdaq
+0.57% S&P 

+0.59% FTSE
+0.65% Eurofirst
+0.12% Nikkei
-0.22% Shanghai
+0.05% SENSEX
+1.47% Hang Seng

-1.90% WTI
-1.87% Brent
+0.28% Gold
+0.56% Copper
-0.44% Corn

+0.32% EUR/USD

+1.13% DJT
+1.55% VIX

0.90 Put / Call Ratio

-4.11% 5-Year US Treasury Notes
-0.83% 10-Year US Treasury Notes


67% Advancing Issues on NYSE                    |   64% Up Volume
31% Declining Issues on NYSE                     |   34% Down Volume
2% Unchanged                                          |   2% Unchanged
244 New Highs   |   32 New Lows

52% Advancing Issues on Nasdaq                 |   52% Up Volume
43% Declining Issues on Nasdaq                  |   45% Down Volume
5% Unchanged                                          |   3% Unchanged
202 New Highs   |   17 New Lows


Today's Major Headlines

At Least 13 Killed In Washington Navy Yard Shooting

Sales of 3.3 Billion GBP Lloyds Shares Seen As Vote of Confidence In UK Economy



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