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Ouch talk about being punished for a bad call. Friday was just plain ugly, no way to sugar coat it. Anyway, I had a bunch of positions expire so here is a long update. bot aug 500/510 RUT call @ cost of $852 expired fully ITM for a profit of $148, I am going to add this to short 100...

Interesting....my thought was a bounce from monday and then a rather flat week so that we could get the pin at roughly 56 on iwm and 100 on spy, but instead we get a rally. I am really curious how the talking heads are going to explain the sudden .99 drop in spy tomorrow seeing as how there is...

We finally got a pullback, however we cut right through the 20day support line so lets see if we get some buying to get back above that line tomorrow. If we can't recover it then the next likely stop is in the 530-535 range which is still a pretty significant drop. Reading the tea leaves and...

I haven't done any changes so far as the markets just drifting higher. The bear market is over as all three indexes RUT, S&P, and Naz have all confirmed the golden crosses. This doesn't mean that we won't get pullbacks but its rare to see more than a 10% pullback during a bull run. Based on...

Its been a hectic week in reality and I did find sometime to make a few more changes. I closed bot aug 490/500 RUT call for a profit of $191 and I am going to add that $192 to the following short position: short 100 shares iwm @ credit of $4701.44 so now I have: short 100 shares iwm @...

So we closed just above 1000 but more importantly the RUT golden crossed today. So now we have 2 of the 3 confirmations that this bear is done for this run. The S&P is on pace to give the final confirmation this friday or early next week and that should pretty much seal the deal for a new...

Watching eagerly like everyone else to see if we break 1000 on S&P like everyone else :) Couple of changes from the last two days. (I didn't get time to do an update yesterday). Today I did the following: short 100 shares iwm @ credit of $4107.88 bot aug 480/490 RUT call @ cost of $752...

I added the following two positions today: bot aug 500/510 call @ cost of $892 sold 57 aug iwm put @ credit of $280 Here is an updated list of what positions I have open currently: short 100 shares iwm @ credit of $4163.65 short 100 shares iwm @ credit of $4785.16 short 100 shares iwm...

Its been difficult to get a handle on the magnitude of the moves and having to be on the defensive during this massive bull run off the march lows. But I don't think its completely out of hand....yet! At the start of the cycle I was watching the 535, 550, and finally the 580 area. My...

:eek: :eek: :eek: Well there's my look of surprise as apparantly nobody is in the mood to sell even now. The bulls seem to be getting a little piggish here but it is what it is. On Friday I added bot aug 500/510 call @ cost of $852

I just added an additional call position today: bot aug 490/500 call @ cost of $892 We've broken through 535 pretty easily, next target to watch is 550.

Added the following today: bot aug 490/500 call @ cost of $807 I'm waiting to see what happens at RUT 535. If we test that level and sell off then I will start adding some more puts, if we close above that level then I'll go ahead and keep adding a few more calls. I think a pullback to...

I added another position today. short 55 aug iwm put @ credit of $334 Still waiting for signs of weakness as the market keeps pushing up. At this point I would like to go ahead and add the RUT put positions once we get up to test the 535 level and the short iwm 55 puts give me a little...

We're approaching that 535 level on the RUT that I think is the first possible reversal point, although with how overbought we seem to be I am surprised we haven't pulled back already, but it is what it is. I added the following today: short 55 aug iwm put @ credit of $349 bot aug 490/500...

I only closed a 100 shares of IWM in July for a puny profit: short 100 shares iwm @ profit of $28.44 I have the following remaining postitions: bot 3 july 480/470/460 butterflies/short 100 shares iwm @ credit of $4163.65 bot july 480/490 call/short 100 shares iwm @ credit of $3785.16 bot...

Yes thats correct, the second set of flies was just added caution since a break of that 480 level would have sent the market waaay down. Its a shame I had to sacrifice two call spreads but oh well better safe than sorry. I went ahead and made the following adjustment: bot july 480/490...

The butterfly positions were a cheap hedge in case the market started to breakdown. The problem is that when RUT was at 480 and the market falls to 460 then I would make $200 from the IWM short shares but would lose all the money $400+ on my 480/490 calls. Since there is very little time left...

Finally got some movement in the market. Still a bit uneasy going into the rash of earnings starting tomorrow morning. We rallied right up into resistance and theres really no clues as to whether we've priced in financials earnings today in which case a sell the news scenario could play out...

Just a frustrating week! We finally got the break of the 490 level which is good BUT my trade was setup for a significant drop below to the 460 level with a quick move. If that had occurred then it would have been a no-brainer for me to go ahead and dump my 480/490 calls and look to open new...

And looks like the tally for Michael Jackson's funeral is going to cost around $4 million dollars to tax payers. Greeeeat people can't afford to pay for their own loved ones funerals but at least they can chip in for someone elses! Must have printed out some more IOUs, I gotta get me an IOU...