At one point in the morning RIMM was up over 5% and I felt that this was unwarranted and was just carry over from last week's momentum. I did this even contra to the VIX ... oh well back to square one and exactly at zero profit on the profit tracker.
Buy to Open: 10 puts Nov RIMM 50 at 2.89
Stop Loss: 10 puts Nov RIMM 50 at 2.68 (executed)
Gain: -$210
--Kevin
Humble, knowledgeable and straight to the point -- great video on Jim Rodger's (hedge fund manager's) perspective on the current economy and the bail out plan:
http://www.bloomberg.com/avp/avp.htm?N=av&T=Jim%20Rogers%20Says%20Markets%20May%20Go%20%60A%20Lot%20Further%20Down%27&clipSRC=mms://media2.bloomberg.com/cache/vCM4wglCjinI.asf#
--Kevin
It's been a while since I've touched calls, but with the VIX dropping like a rock earlier this morning I couldn't resist. I picked up some RIMM calls and tossed them back as I was watching the Dow and VIX. My original target was to ride the momentum to $2.20, however the DJI was loosing intraday gains and VIX was gaining momentum. As I am writing this right now, those calls are at $2.17 right now, so you can argue I sold too soon but given that RIMM has no catalyst itself (today) to fight off 2 800 pound macro indicators, not to mention we're waiting for an announcement from the Federal Reserve (~ 1600 pounds) ... all I have to say is beggars can't be choosers, I'll take my 5% and live to play another day.
Buy: 10 calls of RIMM Nov 55 at $2.01
Sell to Close: 10 calls of RIMM Nov 55 at $2.11
Gain: $100
--Kevin
http://articles.moneycentral.msn.com/Investing/Dispatch/market-dispatches-102808.aspx?GT1=33009
I was in a meeting all morning and into the afternoon (even missed lunch) and missed the pop. Not that I would have been in the market (I am still a big fan of puts for right now), but this is great because it has created all sorts of cheap entry points for puts. We'll see what happens tomorrow.
--Kevin