No shit.
Opened SMH + XLK early in the day, and SMH actually closed >1% higher. XLK closed lower. SLW was a dog> but position size is small.
Opened RYSIX end-of-day.
As I was thinking about my exit strategy from AUMN, I decided that the smartest thing to do would be to start selling premium, if possible. Thus, I cancelled my sell limit orders for AUMN shares and instead placed sell limit orders for $5 calls, of which I have way too much right now. I will try to sell: 10 January $5 calls at $1.00, 10 January $5 calls at $1.65 (I originally purchased 20 January $5 calls at $1.65), 20 April $5 calls at $1.10 (purchased them today at $0.55), 30 April $5 calls at $2.40 (I purchased them yesterday at $0.60). After that, I'll start selling covered January $7.50 calls against the shares I have.
Although I've never driven a ship on land, the turning radius doesn't seem compatible with any city streets I'm familiar with: "844 feet long, 106 feet wide and will displace 44,971 long tons"
mark - i still think in the bigger picture that there is a chance that MITK, just like all future tech winners, is just going through a normal nasty pullback and correction phase before moving higher. who is to say for sure that their technology isn't going to be used in lots of every day activities in the future? the ability to extract data from an image and translate that into text/data is a powerful technology. i know lots of other companies are in that area but MITK has some big name companies as customers. and bill pay is still potentially out there as a major catalyst.
anyway, what was said about them in the money2020 show?
Mark - I'm assuming you saw this: http://m.cutimes.com/2012/10/23/miteks-debello-pictures-more-bill-payment-with-sma?ref=hp
I may need to take up a position in MITK after reading this. I didn't realize they're in the Bluepoint offering. That is going to be a big player. Look at what it has done to GDOT, which by the way is probably an excellent short.
Closed those SHW options. Stupid trade because everything tied to housing is booming. Chart looks weak but I can't ignore the bullishness from housing/banks/housing related stuff (ETH, WHR, etc).
got a feeling that tomorrow is going to be a nice up day. just feels like we're swinging in 40 to 70 point moves right now and we're at the low end of that move.
this looks like very similar trading to what happened back in late 1999...however, every time i look at that i think that we are still in the same spot 13 years later and our earnings are WAY higher. that makes me think that there is just far less downside than people get all worked up about.
Alright. I was wrong. Offed my remaining SMH + XLK at current prices (not that great), for a reasonable loss, which is somewhat offset by the fact that SMH is even now trading above my entry price(s) + the gains on the 15-20% I sold early this morning.
All that remains is selling RYSIX at the close, and anything could happen between now and the close. ----ing mutual fund rules.
Nothing personal, but every time there's been volatility in the CC blog, miners sell off hard. Just an observation, and one that didn't disappoint this time.
Another observation. When I'm wrong on ST direction, a quick exit usually pays off. In other words, since I was wrong to be bullish, I'm even more bearish now than I would be otherwise.
I spent an hour yesterday talking to my old boss about selling his FIO shares (he owned roughly 70,000 shares). luckily he took my advice and sold at $28. Needless to say he owes me a free coffee...or bag of skittles.
As I was thinking about my exit strategy from AUMN, I decided that the smartest thing to do would be to start selling premium, if possible. Thus, I cancelled my sell limit orders for AUMN shares and instead placed sell limit orders for $5 calls, of which I have way too much right now. I will try to sell: 10 January $5 calls at $1.00, 10 January $5 calls at $1.65 (I originally purchased 20 January $5 calls at $1.65), 20 April $5 calls at $1.10 (purchased them today at $0.55), 30 April $5 calls at $2.40 (I purchased them yesterday at $0.60). After that, I'll start selling covered January $7.50 calls against the shares I have.
ReplyDeleteRYSIX actually closed green.
ReplyDeleteHII - Recovered all of yesterday's loss. What the heck is an amphibious assault ship?
ReplyDeleteBo Derek in '10'?
DeleteAlthough I've never driven a ship on land, the turning radius doesn't seem compatible with any city streets I'm familiar with: "844 feet long, 106 feet wide and will displace 44,971 long tons"
DeleteLots of publicity for MITK from the Money2020 show in Vegas. Will be interesting to see if it moves the needle tomorrow.
ReplyDeletemark - i still think in the bigger picture that there is a chance that MITK, just like all future tech winners, is just going through a normal nasty pullback and correction phase before moving higher. who is to say for sure that their technology isn't going to be used in lots of every day activities in the future? the ability to extract data from an image and translate that into text/data is a powerful technology. i know lots of other companies are in that area but MITK has some big name companies as customers. and bill pay is still potentially out there as a major catalyst.
Deleteanyway, what was said about them in the money2020 show?
Mark - I'm assuming you saw this:
Deletehttp://m.cutimes.com/2012/10/23/miteks-debello-pictures-more-bill-payment-with-sma?ref=hp
I may need to take up a position in MITK after reading this. I didn't realize they're in the Bluepoint offering. That is going to be a big player. Look at what it has done to GDOT, which by the way is probably an excellent short.
The Germans are checking on the status of their gold stash:
ReplyDeletehttp://www.washingtonpost.com/business/german-auditor-office-urges-central-bank-to-control-gold-reserves-held-in-us-france-britain/2012/10/22/a986448c-1c63-11e2-8817-41b9a7aaabc7_story.html
HXM - Will this puppy pop?
ReplyDeleteHave you seen the silver chart tonight?
ReplyDeletehttp://www.kitco.com/charts/livesilver.html
Someone got effed big time, buying silver at $33.50...
Closed my (small) position in SLW pre-market @ 38.6x. A -2% loss that reminds me how 'fast' the mining sector trades.
ReplyDeleteTTM - Earnings on the 27th
ReplyDeleteTOF- Yeah, I saw the blue bird thing. Manily lots of talk about all the stuff we already know. Bill pay is no said to be coming in Nov.
ReplyDeleteHEK news.
ReplyDeleteThey've been selling energy since the bell. I don't like it.
ReplyDeleteI don't like the selling either. I offed maybe 15-20% of my position in SMH due to the strong open, but now wish I had taken it all off.
DeleteI'll take a hit today, and the indexes will continue to churn lower. That's my take right now.
DeleteNew home sales increase 5.7% in Sept.
ReplyDeleteSure feels like a slope of hope right now, which is the only hope I have that it may rally later in the day.
ReplyDeleteStiff upper lip. PPT saves the day just as the cliff appears imminent, shorts react by covering and we're off to the races?
Delete1100 would be a wonderful gift for B&H participants, IMO.
http://ycharts.com/analysis/story/goodbye_jobs_us_ceos_wont_waiver_in_laying_off_workers_as_global_economy_stalls
ReplyDeleteTrading has dried up in most of the tiny crap I follow.
ReplyDeleteSup fellas. Not much going on today. Regret selling the FB calls. Still holding YRCW. I added some more puts on SHW...
ReplyDelete$50 oil would be amazing, wouldn't it? I just don't believe it could happen, no way no how.
ReplyDelete1424 - I bet we move back above 1424 soon, on our way to 1475 where we pull back and once that's done rally on to 1500 by EOY?
ReplyDeleteAGO - Is there any chance this one might hit my $12.88 stink bid?
ReplyDeleteI have serious doubts.
HII - This is the IPO resistance level.
ReplyDeleteAKAM - Will the July gap up from ~$30.50 be closed?
ReplyDeleteClosed those SHW options. Stupid trade because everything tied to housing is booming. Chart looks weak but I can't ignore the bullishness from housing/banks/housing related stuff (ETH, WHR, etc).
ReplyDeletei like YOKU a lot. just picked up a starting position in it at $20.55.
ReplyDeleteWas the NFX Q really that bad? Maybe it was in the call.
ReplyDeletei don't know man. i was looking at the stats and they appeared to be ok. could be missing something.
Deletegot a feeling that tomorrow is going to be a nice up day. just feels like we're swinging in 40 to 70 point moves right now and we're at the low end of that move.
ReplyDeletethis looks like very similar trading to what happened back in late 1999...however, every time i look at that i think that we are still in the same spot 13 years later and our earnings are WAY higher. that makes me think that there is just far less downside than people get all worked up about.
Deletei guess i should just say that i expect the downside to continue to be limited.
Delete"same spot 13 years later and our earnings are WAY higher."
DeleteGood info, thanks.
During this pullback, make sure to keep your eyes on which stocks are holding in there. BAC comes to mind.
ReplyDeleteRe AGO, I don't think we get much more of a pullback unless we get a major market selloff.
ReplyDeletePretty good news today from their lawsuit with Flagstar:
http://newsandinsight.thomsonreuters.com/New_York/News/2012/10_-_October/Assured_trial__Loan_file_fraud_fireworks_mask_key_sampling_issue/
Yeah, something seems to be providing an extra bit of lift.
DeleteNFX gap fill.
ReplyDeleteAlright. I was wrong. Offed my remaining SMH + XLK at current prices (not that great), for a reasonable loss, which is somewhat offset by the fact that SMH is even now trading above my entry price(s) + the gains on the 15-20% I sold early this morning.
ReplyDeleteAll that remains is selling RYSIX at the close, and anything could happen between now and the close. ----ing mutual fund rules.
Nothing personal, but every time there's been volatility in the CC blog, miners sell off hard. Just an observation, and one that didn't disappoint this time.
ReplyDeleteAnother observation. When I'm wrong on ST direction, a quick exit usually pays off. In other words, since I was wrong to be bullish, I'm even more bearish now than I would be otherwise.
ReplyDeleteCSCO gap fill. Can't own it though. Can't figure out Chambers hair.
ReplyDeleteBar code?
DeleteNot sure who was buying that last push down, contrarians?
ReplyDeleteI spent an hour yesterday talking to my old boss about selling his FIO shares (he owned roughly 70,000 shares). luckily he took my advice and sold at $28. Needless to say he owes me a free coffee...or bag of skittles.
ReplyDeleteMaybe now it's a buy?
Delete$24 handle looks good, nice save! I'm waiting to see if gap up closes.
Delete$25 is a 50% fib pullback, right?
DeleteHBEIF - Honey Badger has no volume.
ReplyDeleteI can't see any reason to hold something through earnings. None.
ReplyDeletenew post
ReplyDelete