This rally has exceeded my expectations - I was hoping for S&P 1180 "at some point" in the next few days to sell the SPY Calls I bought just hours ago. Already the S&P 500 has surged past yesterday's intraday highs - again, surprising. POMO Arigato Mr. Roboto. With that I am going to take some quick gains; I sold half my SPY 118 calls (entry $2.07) for a 15% gain around $2.40 [sold when the S&P 500 reached yesterday's intraday highs] and the second half will go right now around $2.60 (just under) for a 25% gain. So an average of about 20%. I used about 4% of the portfolio for this transaction. Sadly this is about the only thing I am nailing lately as my equity decisions have been 'stinky'.
We have recent highs at S&P 1185ish - from Monday and the previous Wednesday. A move over that level would be the next natural place to buy a 'breakout'.
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