Options update for 19 May...How can I miss you if you won't ever go away?
A variety of influences have kept me 'off-line' for the last ten days or so...mostly to do with driving my kids all over southern Ontario in pursuit of their figure skating 'careers'. My wife has been laid up in bed with a bad back, so all the driving has fallen to me. I have a new-found respect for single parents. Anyway, 3 to 4 hours on the road each day coupled with work and a few business/social functions have literally taken up all my free time. I will try to get back to a regular posting if anyone finds it useful.
The market lately has been doing its Otis Elevator test-centre imitation, which as Dave Simmons commented a while back, is eerily reminiscent of 1987. I'm not predicting a crash, but I think lower before higher is a pretty safe bet. Barrick rallied as high as C$36 before profit-taking and falling bullion prices took over. Call volatility has been creamed, down to 30 (even less on some series), which I believe is *cheaper* than it deserves to be, so I have gone long premium and short the stock. Bell has rallied off its $34 low (split-adjusted), and indeed, in the last fifteen minutes of trading on Friday rallied strongly for no apparent reason to close on the high of the day, despite NY cratering 138 points. Inco reached my short-term target of $47+ on Thursday before getting hammered to the low 45 area on Friday. No call on this stock for now.
All eyes on the Fed meeting tomorrow. It seems the market has now priced in a "no-action" result--we'll see.
Happy trading.
Porter |
