Friday, October 8, 2010

Bookkeeping: Going Index Long Again via SPY Calls

TweetThis
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


x

Disclaimer: The opinions listed on this blog are for educational purpose only. You should do your own research before making any decisions.
This blog, its affiliates, partners or authors are not responsible or liable for any misstatements and/or losses you might sustain from the content provided.

Copyright @2012 FundMyMutualFund.com