Friday, October 8, 2010

Bookkeeping: Going Index Long Again via SPY Calls

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


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