The S&P is looking very toppy

Quote from murray t turtle:

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James Stock;

You got a good point in the sense of now not being perhaps a good time time to load up on longs.

And calling tops or '' toppy'' in a bull market is a low % profit
or no % profit game,

even if 115 on the SPY does resist some.
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Thanks, i'm still short the 1200 calls, and we'll see how things work out!
 
Quote from lindq:

And if those who called the top actually shorted on each call - which I seriously doubt - they would be long ago broke. What does that say about the talents here?
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You're wrong. I've been calling tops the last 6 months, and I've shorted each time, and i've made money in the 3rd quarter of 2003, and the 4th quarter of 2003, and this month as well.

I was short each time, but not married to my short. That is-- i was able to see the market turning against me, and able to exit my short positions each time before any damage.

The trick to being short is knowing when you are wrong, and getting out quickly and nimbly.
 
First, here's last weeks weekly quote range for the S&P 500 futures options contract Feb 1200 calls.

Feb 04 c 1190 984 756 ... ... 2.10 ... 1140.20
Feb 04 c 1200 2298 1146 2.00 1.25 1.30 ... 1140.20
Feb 04 c 1250 758 709 .50 .30 .30 ... 1140.20


It never traded over 2.00!!!

Second, James Stock says he's short 200 Feb S&P500 1200 calls at 2.

Lets take a look at really what this means to him and his account!

200 contracts x 250 (index value) x 2 (premium earned) = $100,000 credit to his account. he just said he took in $40,000.

James Stock quote:

I said I'm short 200 @ 2. That's $40K I stand to make if they expire worthless. I've made multiple trades over weeks in this option, and the average price is short 200 @ 2.

WRONG, this isn't like the CBOE!!!!!


Now the margin issue of this naked options position is unbelievable! According CME's SPAN (Standard Portfolio Analysis of Risk) as of 9 am et this morning. James Stock would have been required to post in cash in his account $14,420 per contract which works out to $2,884,000 for his 200 lot.

That's 2 million, eight hundred and eighty four thousand dollars cash margin !!!! Not believable at all James Stock!!!
 
Quote from reflexivetrader:

First, here's last weeks weekly quote range for the S&P 500 options contract Feb 1200 calls.

Feb 04 c 1190 984 756 ... ... 2.10 ... 1140.20
Feb 04 c 1200 2298 1146 2.00 1.25 1.30 ... 1140.20
Feb 04 c 1250 758 709 .50 .30 .30 ... 1140.20


It never traded over 2.00!!!

Second, James Stock says he's short 200 Feb S&P500 1200 calls at 2.

Lets take a look at really what this means to him and his account!

200 contracts x 250 (index value) x 2 (premium earned) = $100,000 credit to his account. he just said he took in $40,000.

James Stock quote:

I said I'm short 200 @ 2. That's $40K I stand to make if they expire worthless. I've made multiple trades over weeks in this option, and the average price is short 200 @ 2.

WRONG, this isn't like the CBOE!!!!!

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ok. check 1/2, 1/21, 1/22. These are 3 days where the Feb 1200 call trade over $2. You are an idiot.

ok. short 200 calls @ 2 is = $40,000. I don't know where you learned to trade options, but they are valued 1=$100. You can do the math from here. And yes it is the cboe. You are a total idiot.

Any more?
 
Quote from reflexivetrader:

Here's a real arse clown. Did you borrow NVS's lithium?

ok. check 1/2, 1/21, 1/22. These are 3 days where the Feb 1200 call trade over $2. You are an idiot.

ok. short 200 calls @ 2 is = $40,000. I don't know where you learned to trade options, but they are valued 1=$100. You can do the math from here. And yes it is the cboe. You are a total idiot.

Any more?.

:D
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Oh, good one! You are proven wrong, so you just repeat what I say! wow!.
 
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