Thursday, September 17, 2009

S&P 1070 Breached, So Back in the Calls

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Groundhog Day....

Got back the SPY calls (moved up to October 108) as mentioned I'd do if we began the next leg up over S&P 1070.

So repetitive

Oracle (ORCL) missed revenue? Kroger missed earlier this week? Best Buy missed? No problemo - fundamentals are just details...

Actually saw futures down at S&P 1062 about 30 minutes before the open but the "persistent buyer" showed up as usual :) ....he who buys futures in a very sloppy way (since he doesn't care about buying at a good price) to make sure they go up.

Until we get some sort of intraday reversal or any caring of fundamental news - can't expand short book.

EDIT 10:25 AM - sold calls. Some sort of reversal is going on; let's see if it lasts. No shorting yet, but don't want leverage into such an emotional moment where all the buying is only on momentum. If we turn decidedly negative I'll be moving into October puts. S&P 1070 remains my pivot point if you will; I only want to be long with the calls north of it...

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