The dollar is in the toilet, we are getting ready to drop the fed rate (they do this when the economy is slowing) So let's drive the market up!! What?? I am tired of all the fundamental double-speak. The same data makes to the market do 4 different things. Sick of it. I am just going to look for opportunities to trade against those who trade such "funnimentals"
I was wishboned on my BIIB and LEH trades. I get long BIIB, so it goes down, and short LEH so it goes up. ONT is doing nothing. Frikin funny. Fortunately I am playing very small with directional trades. The DGX calendar performing beautifully.
I don't want to be holding long premium into the weekend. I think there will be a huge suckout in Volatility early in the week.
Jefferson Krull telling it like he sees it
LEH - exit 2 lots @ 4. Just silly.
MEDX - 1 unit 15p calendar for .05
LCAV - Exited 35p caledar for .17
MTH - Entered 1 unit of Dec 20-12.5p. Underlying @ 17.43 for 3.40.
MTH - How much down is left in the housing stocks? I don't think the summer was very good for anyone in the housing sector. And I am banking on new homes are not on the wish list of most potential buyers.
I am going to enjoy fall today. This market is tiring me out. Chopfest. Maybe I will play channel trader.
When I arrived back from the Golf course, BIIB had bounce back into the profit zone. I almost exited my position for a loss for the fact it gapped below yesterday's support. I decided to let it go, as it hadn't reached my stop yet. I guess a watched kettle doesn't boil.
Here is the SPY chart: We are at the upper level. I think we drop tomorrow. That would be great for my 145/147/149 butterfly position. I may pick up another unit of that to sit through the weekend.
j
