I played some golf in Denver yesterday. It snowed. I was the only one on the course pre-snow. And prior to heading out on the course the GM gave me the opportunity to buy some stuff at great prices. So I have a new Footjoy Short Sleeve rain shirt and a new titleist hat. I am pretty stoked about it.
I was a little nervous about my positions yesterday. So today I am making adjustments on the poor economic numbers this morning.
FDX – Sold both of my positions for 4.13. Jul 95/80p @ 95.50. I still can’t believe this stock rallied yesterday on such pricey fuel and weakening economy. Oh, well.
COF – Exited all 5 units of my 50c May/June for 1.20-1.24 for a nice 25% gain. I didn’t want to hold onto these going into earnings. Unfortunately I exited too early. I am going to SS today, and I decided to get out. Ironic that I won’t make as much today in SS as I would have if I waited for another hour in COF. 4 more days until the season is over.
CALM – I round tripped this trade and exited for a scratch. I need to exit these on a short term trend break, but instead I got out at 28.83.
DTV – added May/Jun 25p for .31. 5 units have been added.
SNY – this could be a big mistake. 4 units May/June 37.5p. Give then opportunity, I would not retake this trade.
Yesterday at the close I put some small positions in the
IWM – May/Aug 67p for 2-2.05. I thought a 3% rise in the Small caps was a little too optimistic. While the large caps, IBM, are doing great because of Global growth, I am not so optimistic about the Russell. This position is half the size of my 71c calendar.
I am getting slammed a bit in UST.
I am looking to make a number of adjustments on HON prior to earnings tomorrow. Covering some spreads, and rolling some.
The volume was very low today. I am going into Friday’s HON report in the morning. Unfortunately I am crossing my fingers for the morning report. The breakevens are 51.60 and 59. That will probably come in when earnings are announced. I need a GE like performance.
Other thoughts. XLE – oil is ramping out of control. Putting on the 77p calendars could have been my way of getting in front of a freight train. That said, I think it is the right play. Also, I have left alot of money on the table lately, however I have been trading well (profitable and decisively).
Currently, I am sitting on -17 SPX weighted deltas, and 800 Theta points. HON contributes to -10 deltas and 480 thetas. My acct is up .4% on the day. It has been a couple of good weeks. Come on HON.
I read this article on Seeking Alpha, it is well put. Pretty much the way I feel. However, rather than hedging my portfolio or sitting in cash, I think there are better ways to play this market.
April 17th – A powder day and some give back
It is snowing heavily in Breck. Trades are pretty good.