Hearing GS thinking of buying LEH. SIFs rallying on that. Probably best way to play it, Long Oct 5 - 7.5 call spread. nitro
Taking off another 25%. Letting deltas ride on final 25%. That is exited only with a trailing stop. nitro
FED looks like it will act to maintain orderly markets: "For immediate release The Federal Reserve Board on Sunday announced several initiatives to provide additional support to financial markets, including enhancements to its existing liquidity facilities. .." http://www.federalreserve.gov/newsevents/press/monetary/20080914a.htm I don't know if it is enough. nitro
The BAC buyout of MER is going to crush the last of this position. Thank gawd I locked in some profits. nitro
Flattened MER deltas on residual position. I will probably now short BAC. I have to see how this plays out. nitro
If GE even mentions credit problems, SPX goes to 1100. I doubt that scenario. I am still looking for 1175 SPX, but this market is teetering on one massive flushing. 1201 ES held pre-market, but it is in grave danger. NQ relative outperforming pre-market, if you can call -45 handles that. QM getting blasted. Now the uncertainty is where it lands, in the other direction. nitro
do you think the fed will cut tomorrow?seems a bit strange that they would make a statement on moral hazzard then rush to help the market, they also said in august that the next move is up, they could be worried about losing credibility. but at the same time, the market is throwing up
VIX opens > 30. Don't blindly believe this is the spike you were looking for capitulation. Massive volume has to follow, and that will only be known later in day. nitro