Selling the ibanks

Quote from atticus:

Short GS from 227.90
Short MER from 75.66
Short BSC from 127.10
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Covered MER at 74.15, +1.51; BSC at 126.80, +.30. Holding GS for a touch of 225.00. BSC was a very poor trade in taking 5 handles in heat.
 
Quote from atticus:

Covered MER at 74.15, +1.51; BSC at 126.80, +.30. Holding GS for a touch of 225.00. BSC was a very poor trade in taking 5 handles in heat.
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Short it again ! :p

GS at 228.65

MER wherever you want

BSC overvalued
 
GS Nov/Jan 220 Calendar @ 4.20 looks interesting.

Edit:
Of course as soon as I posted this the price dropped to 4.10.
 
Quote from ajna:

GS Nov/Jan 220 Calendar @ 4.20 looks interesting.

Edit:
Of course as soon as I posted this the price dropped to 4.10.
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You're long too much vol, IMO. I would wait for Dec to print. There are far better delta-bets on GS here. The Nov 190/220/250 fly at 10.60 is a nice play for a touch of 220.
 
Yes, I can see how pound for pound the fly is a better delta bet, and I agree Nov/Dec would be preferable to Nov/Jan if it were available. But at this point I like the long vega exposure, in particular because I plan to hold this position into early to mid Nov.

As a general rule when you make primarily directional trades, is your goal for vega simply to keep the exposure under your delta exposure, regardless if it is short or long vega? And is part of the reason you prefer the fly due to the short vol hedge if the underlying continues to rise?

Thanks,
ST
 
Quote from atticus:

Short GS from 227.90
Short MER from 75.66
Short BSC from 127.10
More...

Short the GS Jan 220 straddle from 26.30[49%] average over the last two trading days. Expecting no more than a 4-handle response to the report. Worth $20 on Monday.
 
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