<p>Great call BCE! Of course its not just when you get out but when you get back in that matters. I sold my AAPL call spread yesterday and part of my put spread thinking that the stock wouldn’t drop any further - I should have kept the put spread.</p>
<p>So Doct…did you sell weekly puts in IWM?</p>
<p>One of the guys that I’m following said - no need to be a hero today. I haven’t heard from the other guy that provided me with my stop. He doesn’t post that often. Support levels on the S&P are 1340 and 1300. I haven’t looked at the other indexes for support levels.</p>
<p>BTW, those gold, silver and precious metals miners that I was holding yesterday and my main energy holding are all getting hammered today.</p>
<p>I agree, it’s on when to get back in. As you know, I rely on the expertise of others to help me make a judgement call.</p>
<p>Yes, I sold 78 puts in IWM. I’ve also sold weekly spy 134 puts. This is a minor correction and the Russell has been flat or correcting for a while so I’m not that worried yet (except maybe for Friday). If Acuthan is correct, we could be in for a bigger correction going forward. If Luskin is correct and we’re heading for a shallow recession based on the slope of earnings estimates reversing in August with the market undervalued, then no big deal. That being said I’ve got most of the options I hold expiring on 3/17.</p>
<p>Are you talking about Don Luskin?</p>
<p>Watching a few trader friends buying this dip. Very tempting.</p>
<p>yes - Mr. Permabull</p>
<p>I traded with Don Luskin…</p>
<p>30 years ago…</p>
<p>Friend shorted AAPL last Wednesday and suggest I get out. Found out this morning that he stopped out on Friday and went long. He bought the dip again this morning. I hoping that he makes out okay. It feels really crappy to do exactly the wrong thing at the wrong time.</p>
<p>Yeah - he is apparently in your neck of the woods. I’m having a hard time figuring out what is going on - particulary with sentiment data. Some surveys show that investors are very bullish and others from the standpoint of fund flows show that investors are not bullish when it comes to equities. Trimtabs which tracks this stuff recommended investors go 100% into equities based on flows out of equity funds into bond funds. However a lot of bearish folks have been getting more positive.</p>
<p>I don’t know what is going on…</p>
<p>I’m not going to ask Don Luskin though… :)</p>
<p>The bottom line is nobody knows. Wall street talks about smart money (them) and the dumb money (retail investors). There is no such thing as smart money, its all dumb.</p>
<p>There is smarter money…</p>
<p>If you can see order flow…your intelligence rises…</p>
<p>There are people that are doing some good things…</p>
<p>They usually keep their mouths shut…</p>
<p>Hasn’t risen too well for Paulson, Miller, Soros or Buffett lately</p>
<p>Buffett is not doing well?</p>
<p>I think he is doing pretty ok…</p>
<p>[IBM</a> ‘Jeopardy’ Winner Watson Gets Wall Street Job - Yahoo! Finance](<a href=“http://finance.yahoo.com/news/ibm-jeopardy-winner-watson-gets-235345314.html]IBM”>http://finance.yahoo.com/news/ibm-jeopardy-winner-watson-gets-235345314.html)</p>
<p>Ok…just for fun…I am long a 1 lot of the Appl 535 straddle and I have a bid and offer in the stock…</p>
<p>I could have bought the 540 call— 530 put strangle…less risk…a little less reward…
And if I gave it more thought…i would have done that…</p>
<p>I could lose 1400… Which means it takes 700000 at .2% a year to make that money back…</p>
<p>I don’t understand what you mean by you have a bid and an offer in the stock. </p>
<p>So AAPL really needs to move 14 points by Friday’s close for your position to be “in the money” although a sharp move of less than 14 pts could put your position at a profit before expiration.</p>
<p>I have a limit bid lower and a limit offer higher than where the stock is trading now…</p>
<p>I am gambling that the stock will spike one way or the other…</p>
<p>Stock sits around here and I am going to lose…</p>
<p>This isn’t investing. :)</p>
<p>No ,it isn’t ,lol…better off taking the pass line at a crap table</p>