7/13 – Approaching S&P All-time highs

Where were you 7 years ago? Lucky 7? 1558 on the S&P. Very Interesting. Dow 14,000 is just 111 points away. It seems like a certain, eh?


Where were you 7 years ago? Lucky 7? 1558 on the S&P. Very Interesting. Dow 14,000 is just 111 points away. It seems like a certain, eh? Probably so, but the market is a very interesting animal. It seems like this holding pattern today is very bullish after the past two days of gains.
This has been one of the highlights of my trading career. I won the “ThinkorSwim Monkey” during our friday afternoon quiz with the Shadow Trader. Jesse Livermore’s middle name was “Lauriston”. Hooray!!!
Although I want a Trunk Monkey too

My SPY butterflies are losers right now. Off 40%. However, they are a hedge. And am willing to lose up to 70% if I can get a move up.
IWM – I closed my 84p-81p, for a very very small profit. I was just holding on to 1 spread just in case the mkt fell. It didn’t fall, not by a long shot. I still have the SPY butterflies to protect the downside.
IACI is showing incredible weakness in the face of a hot market. I have puts on this stock. I am looking for a break below 32.10 for a clue, but when it breaks below 32.90 there is no technical support for a long ways. My initial target is to sell 1 unit @ the previous low, and then my ProfitSource target is 31.51 (unload a second), final range is 29.50 (last unit). That is the idea. I will be looking at the R/R and theta decay scenarios as we move down.
CREE – Continues to be great. Today I sold 22.5p calendar for .17. It is nice when your hedge profits too. I also sold 1 unit of the 25p for .20. Currently the underlying is sitting right in the sweet spot of the risk graph. I am happy to be selling some of these, and take some off the table, as I have bucket loads of these.
BEAS – Broke above it’s consolidation, so I sold out. I made a .01 profit. Again, I don’t mind being wrong and making some $$ after commission.
HPQ had a bit of retracement today. I am still unhedged with a stop below the 50% retracement. It was about even, after retracing this morning.
AMT remains above the target entry. I have this position to benefit from the upside if we get a run toward the records. It is up on the day.
CLF – Continues to be strong like bull. My position is small but interesting to watch. The underlying is up 9 since purchase. The Oct 90/100/110c butterfly is up 70% since purchase.
ABI – Aug/Sept 30p calendar spread is widening slowly. 50MA is 29.50, and 200MA is 32.80.
BUD – I am looking to make a quick exit as the premium is evaporating in the Aug and Sept 55p. .45 and .70 of extrinsic value respectively (@ $51) This is now turning into a direction play (up) rather than a theta and volatility play. I want out!

Break out the Canon’s will we charge higher???

I will have this figured out by my 20th anniversary, and shock the audience

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