Working out okay so far. should have kept more of the puts from yesterday, but I did roll into the October’s this morning. Equity indexes close to resistance, right near their moving averages…..
For the technicians among you, the rule (in bear markets) is to be out when price levels approach MA’s from below. Market doesn’t trade bearish though, probably because so many people are. Actually feels giddy. On the QQQQ, open interest ion the Oct 48 puts was 20K contracts. 45K have traded so far today. People love them index options for protection (or are they selling premium?).
Are you watching Apple do its thing! Must confess that I did what I tell you not to do. Bought 10 September 280s for a quarter, got filled on half at the close at 0.60 to break-even and let the rest ride-my house-money thing. What’s the bet at least one Apple upgrade before the open tomorrow.
Post Close Update: RIMM and Oracle trading up after hours on earnings, Apple at 278.
Late night Update: Futures continue to soar. Short squeeze in the morning should be a nice opportunity to get out of this trade, assuming I wake up early. I am too old for this! Posts like this won’t become a habit.