Options update for May 5...I can see clearly now
Well, lessee here--the TSE opens Bre-X for trading on Easter Thursday with Walsh pleading for a halt, New York down 225 points, a confusing preliminary report from Freeport, and one hour to go before the close. Now we have the revelation over the weekend that Bre-X is a fraud and everyone on the planet knows about it. Does the TSE open the stock? Nooo. If there's consistency here, it sure escapes me. I marked my BXM to zero when I marked-to-market tonight, and it gives me a nice little debit to work off this month. Oh well--I knew it could go to zip. It's like doubling down on 11 in Vegas when the dealer shows a six...it's the absolute right play, but you still lose sometimes when the dealer rolls over a 5 and a paint.
ABX: A nice rally for Barrick today, following gold up. It's amazing what taking 70+ million ounces of 'supply' off the table will do. I think ABX has more to go on the upside. (32.5,30.5)
N: Lots of activity in Inco options today-- RBC sold 1200 Aug 47.5s, and McLeod bought and crossed about 800 May 40 and 42.5 puts closing. I'm on holiday for most of August (including expiry), so I didn't buy any 47.5s, but I normally would love to have bought some. (26.5,26)
BCE: Bell was weak for most of the day, reaching a low of $68.90 before the home-sick angel rally in New York finally pulled Bell up, although it still closed down a dime or so on the day. I'm looking for Bell to sort of fill the gap by giving up half its Friday spurt, down to $68 or so. Good option volume again today...in fact my three stocks all made the top 10 today. Keep up the good work! (20,21.5)
Well, that's all for now. I'm feeling a little lonely here on this thread...sure wouldn't mind reading someone else's posts, hint, hint.
Happy trading.
Porter |
