Options update for July 22...don't spit into the wind.
Well, so much for my hell-in-a-handbasket scenario...at least for now. Greenspan spoke soothing words, and the money roared into the market. All-time record high for the Dow, S&P future up an eye-popping 24 points, "irrational exuberance" indeed. This silliness will stop, but I'm not going to try any more to pick when. I'm just trying to clean up my positions because in a little over two weeks I'm on holidays til Labour Day.
BCE: Nortel reported earnings this morning which even surpassed the "whisper" number, coming in 10% above IBES. After reaching $140, it collapsed, closing at 135, down 2 on the day. Bell reports tomorrow, and I'll be curious to see the earnings and the response to them. Bell is facing intense competition in the L-D market and faces encroachment in the local area service as well. Ag 42.5s and 45s still way out of line--tomorrow should bring them back. Midland put up a one-up bull spread they sold to a client 2150 times...I think they sold it way too cheap, but time will tell. (25*,25*)
ABX: Barrick rallied early with gold, but they both sold off late in the day. Not much action in the options, but what there was were sellers, bringing the vol down another notch. (33.5,33.5)
N: Another .30c range day so no comment. (Except to say it's been doing this for several days on heavy volume. If it's not building a base here, I'll turn in my parole papers.) (27.5,26.5)
Happy trading.
Porter |
