Today's Action STO 3 SPX APR 1340/1350c @ 0.95 Year to Date P/L Account Value: $11,107.50 YTD Gross P/L: 1,310.00 YTD Commiss: 202.50 YTD Net P/L: 1,107.50 YTD % P/L: 11.1%
I still have the bear call on RIMM that I rolled from MAR. They release earnings tomorrow and as far as I'm concerned, everything is up in the air for them. I've decided to hold the position through the release. If the underlying rallies after the announcement then I plan on reversing the position just long enough to break even. If the underlying drop as a result, I'll just hold for a worthless expiry. Also, it is unlikely that I will be opening any positions in stocks that will be reporting earnings in the near future. I'll mainly be focusing on the indices for the next few weeks.
Today's Action STO 3 SPX APR 1240/1250p @ 0.30 Year to Date P/L Account Value: $11,098.50 YTD Gross P/L: 1,310.00 YTD Commiss: 211.50 YTD Net P/L: 1,098.50 YTD % P/L: 11.0%
Today's Action Cont. BTC 1 RIMM APR 85/90c @ 0.40 Year to Date P/L Account Value: $11,115.50 YTD Gross P/L: 1,330.00 YTD Commiss: 214.50 YTD Net P/L: 1,115.50 YTD % P/L: 11.2% I had an order in to buy back the RIMM bear call @ 0.40 that was filled after hours when the underlying dropped fast. My intention when I entered this order was to break even after the roll in MAR. Good enough for me.
Hmm.... what's holding the market back? During the last couple days the bulls should have gotten all the good news that they need to start a big rally.
rally? don't you think we are just about out of steam. I say where's the selloff, been waiting for it for a week now
Thing is, I've been waiting for the selloff too, given that I have been -delta for a while now. But every time there was a dip, it would be followed by a rally. I was starting to get the idea that the bulls were gaining control. Yesterday one of the Fed bank Presidents says that rate hikes are almost over. Then today the employment report shows a lower than expected wage increase, contributing to the idea that inflation is under control and policy tightening is coming to an end. It seems that during the past few weeks, the bulls were going crazy over just the thought of an end to rate hikes. Now they have a fairly strong confirmation of those expectations and they wimp out. If things keep up like this, I might just have to become a contrarian trader.
What about employment? i think that todays strong report is clearly an indication that things are still pretty robust and fed isnt as finished as we may hope for. Hell, we can go on this forever and at the end the market will still do whatever it feels like to breakout to the upside we need some serious forces here and i just dont see that anywhere.
It's true, the nation is becoming increasingly employed. It seems kind of stupid that a decrease in the unemployment rate causes a drop in the market, when ultimately it results in higher GDP. I think the big inflation fears are in the CPI and hourly wage increases. It's not bad for more people to get a job. It is bad when people start paying more for the same goods. But you're right, in the end the market has a mind of its own. I just have to keep telling myself not to anticipate a reversal, lest I get caught with my hand in the cookie jar.