back in the game

I’ve been in my own little world working since February and finally re-focusing on trading. Heading back to the states after a busy summer cruising around the mediterranean. Halfway across the Atlantic, heading to Fort Lauderdale, Florida. I’m using the internet in the middle of an ocean… sweet. Thought I’d jot down some things of interest and remarkable changes I’ve caught up on since I’ve been busy with work for the past eight months.

SP finally got over 1300 range and now sitting mid 1400’s.

AAPL was over 700 in September, and now sitting at Google levels. There must be some talk of a bubble.

Riots haven’t stopped

Spain is now in the spotlight as well as France for austerity measures, following Greece and the rest of the Euro countries.

Elections coming up in the next month.

Oil is under 100 again.

Now what? The theory of trading the rally to elections has certainly paid off. Now I’m wondering – how long will it last? I am buying some calls and puts now as SP 1400 is starting to stagnate. Things could easily go either way, but S&P 1400 is still low in my opinion. $1400 for an index is almost insignificant, yet 900 is still fresh in my mind.

I’m prepared for a distribution phase to begin, or a correction.

Same as usual… playing for long term slow boring growth and always ready for a correction to seize opportunity.

Finally, some random questions, from cabin-fever inspired debates with colleagues.

Lion versus Grizzly Bear, who wins?
Does the Earth spin at the same speed in the Bahamas as in Canada?
Crunchy Peanut Butter or Smooth?

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TNA 54 call first weekly option trade – update

Sold this last week, now Im thinking it would be nice if I was able to trade 100’s of options at a time, maybe thousands? Always covering, spreading, re-writing, and waiting for their eventual decline to nothing. TNA down to 52.7 after launching this morning. I’m also short a 44 feb put so I’m hoping it doesn’t go lower than 44 or over 56


Another round of terror

Sold off one of the contracts at 1307 and sold a 1250 put, much happier to pick it back up down here should I be assigned- which looks very probable now ES U 1246- than holding on to what was 45 points higher.  I want to buy heavily, but I have enough long right now.

I can’t see this as anything other than a shakeout.


Holy Shnikes!


quite the dip!  I bot into it with 3 septembers, and probably won’t exit any time soon- but I can’t lose much since I had the old sep puts I never sold.  I rarely sell off remaining protection if I’ve already taken in enough profit to offset the cost, and this almost always pays off and I can use them again as is the case now. I’ve taken on 3 ES @ 1335, 1305, and 1295.  I’m not sure where I plan to exit, because I see 1250 or lower as a possibility in the near term.  Hopefully I’m wrong because I want to offload these puppies and start looking at October’11 or Jan’12.  Looking to reap some low hanging premium here.  I expect the oscillation to continue, but really hoping for the trend to burst higher.  I want to set my sell targets the same as last time – 1330 to 1340, but that is the natural human mistake.  Going to hold and see what the gut says.

Made some tie dye shirts with friends for Furthur’s arrival in Saint Augustine.  I think they turned out amazing and I can’t wait for the show.

 

 


down to -1310!

Preparing to take assignent at 1335.  Still two more days in the week to bounce over, but that is doubtful considering the fear tactics going on.

Next week will start selling calls on the new position.


 Down to 1326 bouncing on lower fib lines on the black chart from yesterday– updated if you click the link here.  If I see lower than 1320 I might start picking up contracts again.  Technically should be up.  Looking forward to the rest of the week.


Imagination

Just drawing some possibilities for the weekend. I will update this with what really happened.

Though not just yet, I think the market is still headed up up and away- for the purposes of re-election because of the idea that market height means economy is good. I am confused by Obama’s statement “This may bring my presidency down” on the subject of long term debt ceiling rising. He actually said, “I will not yield on this” -which is funny because they are raising the ceiling for the purpose of buying yield(bonds). No one is going to successfully impeach him for vetoing resistance. Inflation of the market is the reason the powerful are trying to raise the debt ceiling. Traders have been saying for years to trust markets moving up closer and closer to election time. Thank you Jul for pointing that out to me before I heard it anywhere else.

What we have going on now is the ratings agencies are now promising to downgrade the USA.  Who do you think owns them and controls all their ratings? If you haven’t watched “Inside Job” go do it now!