10/11 – I’ve got to get away

Up Up Up, then “BIDU your price is ridiculous!” And the rest of the speculative market crushes!
There was heavy selling in the last two hours of the trading day. I was going to go running, and perhaps I should have. If the stock has been speculative, it got wacked. My boring approach worked well. The acct held it’s own.
There is so much optimism, it is simply amazing to me. And when I get the urge to get long, after the market has run up dramatically, I have come to know it is close to the time to sell. (for the moment)
I haven’t bought anything noteworthy/luxurious in the past 2 months. Part of my wealth plan is to go out an spend 10% of my after-tax income on something really fun. The universe is abundant. I wonder what I should do and where I should go? Dive trip for a few days? What would you do with an extra $6K? I also have the same amount to spend on Education. I am going to the Optionetics seminar in Denver Oct 21-22, and then register for an Advanced Seminar. Miami Nov 7-9 or Vegas in the summer. I really want to do this, with a special focus on Delta Neutral trading.
Yesterday was opening day for Arapahoe Basin. However, today is 72*.

A little G’N’R

I woke up late. Enough for my phone to go off with some trades which I placed before I went to sleep.
It was a pleasant wake up…
UTHR – Entered 4 units of Jan/Feb 70p for .10. This has been a great trade for me over the past 3 weeks. At the close it was “mid-marking” at a .05credit, although none of my other orders were filled.
ACN- exited 1 lots of this Oct/Nov 40p spread. .60 & .65. I am holding onto the remainder through the weekend.
FISV – Exited 1 unit of Nov/Dec 50p for.40, underlying @ 53.98. That is fine, I was worried when the underlying jumped $5 in the past week. I exited with a pre-commission profit of .10. I was also pleased that I didn’t put more units on.
I purposefully did not participate in this selloff, although I probably could have made some $$. I was already biased to the downside with a Nov/jan IWM calendar and a 78/80/82 IWM butterfly. I also was short KBH. I like these during this selloff. I don’t think the general market will get crushed too much. I will be looking at this as chance to pick up some long shares.
GS was crushed today. I was feeling like I left a bunch of money on the table over the past few days. However, it looks like my initial trading plan was effective.
The “must haves” are from Tim Knight’s Slope of Hope blog (awesome bearish trading blog). This is just frickin’ hilarious!
These graphs are downright interesting to me.
Moving forward, I find this chart to be of interest. The Nasdaq has been on fire. I would like to pick this up on drops. The trend channel is undeniable.
NASDAQ

The Big Caps – Dow Chart

SPY – not as extended as the other two, but still has room to fall

And just for fun. The FXI – basically the China 25. How in the heck does one get the sack to short China? 1 lot at a time, then when it is time to buy… be a pig.

I am certainly not a buyer of gold at these levels, however I would be interested in owning the GLD on pullbacks. Here are some ideas. I especially believe the $720 pullback is viable.