Not much is working of late except these index long positions - as we appear poised to make a break for new highs this afternoon I am going to buy some SPY 117 November calls. My initial target is S&P 1170 but that is really not that far away. Assuming a Monday morning gap up I don't know the upside in this market anymore. It is relentless and since economic news means nothing, earning warnings mean nothing, data of any sort mean nothing - I don't know what causes a selloff at this point. There will be something, but unless a counter rally develops in the dollar the bears have nothing right now. I am learning just as you are - as I have not experienced a market where the Fed has effectively pledged to push it up - not implicitly, but explicitly.
I am not even going to bother with TNA/BGU at this point - just calls.
This move upward is so far away from the S&P 500 gaps it's going to be a barn burner once things turn around.
Long SPY 117 calls in fund; no personal position
Friday, October 8, 2010
Bookkeeping: Going Index Long Again via SPY Calls
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows