Today’s ‘rout-ette’ was orderly in some sense, just a feel, as if the market dropped too much to fast and really wished to bounce, but could not gather enough conviction before a weekend.
There really ought to be a bounce by Wednesday next week if not Tuesday first thing. Depends on news flow on weekend. Monday could be another day of moping in the dark as some folks receive margin calls and others get religion w/r to preservation. Dunno. Plenty of drama whichever way.
I intend to fade bounce, as believe general direction is down until a handle is gained on virus in S Korea / Japan / EU / NA. The cancellation of Olympics is almost inevitable, else suicidal, and when so, fear shall propagate, either way.
However, as we are dealing w/ religious folks in the case of Tesla, and as I am overloaded w/ naked short calls starting in April going out to January 2021 at strikes at and above 1,000, including 1,880, I feel I am obligated to throw some caution to the wind and have just shorted a modicum of puts, expiration 6th and 20th of March, strike prices both at 600, and
As i have closed out the large short naked calls 20th March through end-May, strikes 850 - 950, I figured I deserve dispensation to short a sliver of naked calls, expiration 6th and 20th of March, strike prices both at 750.
Either of above pincers may result me engaging in house-to-house / street-by-street infantry melee, but as am backed by artillery and have much gains to risk, so be it, let us proceed w/ the mop-up operation to get the stragglers.
Looked at the possibility of reload / top-up of gold miners GDX / GDXJ / KL / GOLD / FNV etc and judged that they really have not fallen as yet.
GLD? Not yet.
PALL? Not ready, even as its large fall from commanding height is not a great sign of conviction or hint of necessity.
We wait for next week, after relaxing weekend.
Let us see which hedge fund got what margin call. Doubt any blew up. Too early by reference to 2008. Way too early. |
