VIX yielded some nice long sell indicators, followed by brief buy blips, which fits into my new model nicely. Picked up some RIMM options, and tossed them back in after I felt the VIX started to end those long sell sessions. These puts will undoubtely continue to grow, but not interested in sticking around too long these days.
Buy to Open: 10 puts RIMM Nov 40 at $2.59
Sell to Close: 10 puts RIMM Nov 40 at $3.00
Gain: $410
--Kevin
Thursday, October 23, 2008
RIMM: Buy, Sell Options
Posted by Kevin Lam (Impacta LLC) at 9:43 AM
Labels: Investing Journal - Kevin Lam
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2 Comments:
I actually shorted the Nov $30 puts on RIMM today. IV is through the roof and I'd be happy to pick up the stock under $30.
Hey Mike,
Thanks for sharing your thoughts. I think EVERYONE would be happy to pick RIMM up at $30 :), IV is certainly up there! I am looking for that next pop due to the US government or world governments pulling some move (not sure, and don't care either ha ha) that will inject a ton of "false hope" back into the market. That way I can re-position on the put side for cheap and profit when that hope starts fizzling away.
BTW, I checked out your blog at http://www.longshorttrader.com/, great stuff going on there!
--Kevin
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