Kudos to MMs

Quote from nltro:

POSTED Mar 8, 2011------ FV jumping hundreds of handles per revision. Professional. Give it up dude. There are so many opportunities every day to take money out of the market and here you are stuck on this retarded "ANANNNNAAAANNANANNAFV" model. You want to be short gamma? reversion trader? THEN JUST DO IT. STOP WITH THE WORTHLESS JUSTIFICATION of what you are calling it this week. Sell some 1325 straddles and be done with it. GEEZ.
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Quote from arbs-r-us:

Looks like nLtro was right on. 100 handle winner??? Short Sept 1325 straddle?
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the market proceeded to drop 60-70 points right AFTER your short straddle call. that straddle took some heat, i am afraid :)
 
Standing bid to buy at SPX 1320. These guys in Washington must be drama queens - how else would you explain waiting to the last minute to announce and do the obvious? :confused:
 
Quote from shortie:

the market proceeded to drop 60-70 points right AFTER your short straddle call. that straddle took some heat, i am afraid :)
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I'm guessing it did, but not anywhere as much as it is up in profits now. On the contrary, nitro's theta bleeding long calls are unlikely profitable at this point.
 
Will have standing bid to add more Sep '11 SPY options at 1300 SPX. I have been using the 130 strike to keep things simple, and will do so again.

At this point, the downgrade is approximately but conservatively priced in (fifty handle loss in SPX is market-wide equivalent of ~$500 billion dollar of market-cap loss.) Any further selling is "selling begetting selling." The default is not priced in.
 
Added long Sep '11 130 SPY calls. That's it. This goes to 1290 and I am forced to not only gave up a huge gain, but it is now a bigger loss than originally.

:(
 
Quote from arbs-r-us:

I'm guessing it did, but not anywhere as much as it is up in profits now. On the contrary, nitro's theta bleeding long calls are unlikely profitable at this point.
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in march nLtro :) did not say it was Sep straddle. i bet he actually meant Apr 2011 expr. that straddle did work out eventually OK but after taking a lot of heat.

just keeping the facts straight. nLtro could correct me if i missed the expiration of that straddle :)
 
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