I made a stupid mistake being whipped out of my 48 March 170 puts when we hit 206 the other day, I admit it and for some of you following my litigation and talking about personal responsibility it was my OWN decision, as has been this extended trade. However, here I have known the risks.
One bond trader pointed out to me that the stop for puts should have been only a GOOG break above the 2/2 high of 219, maybe 223 would have been the smart place, but my gut told me Wall Street could not afford to hoodwink the public again with worthless upgrades. Now today the point men on the upgrades, Think Equity Partners with their 290 target, are turning negative on GOOG after it dropped 34 from their call. Nice work. I should have known that when a series of investment banks defraud the public as they did in 2000 and only pay back 10-20% of their ill-gotten gains, when it appears these kinds of fraudulent statements pay, why not continue. The Naz price-fixing scandal also netted the IB's much more than the $1.4 billion settlement they paid. Another disturbing "success story."
I'm ruing those call options, but rust after 5 years I guess is my only excuse, holding here and not going long until GOOG truly crashes. And that means sub-75. EBAY got a 79% haircut; GOOG gets the same we're at 45.
Speaking of EBAY, did you see the Reuters PR on EBAY's North America chief stating that they are seeing a bubble in adword pricing? Here:
reuters.com
See the insider selling of 880k that dropped us 16 in 48 hours? Here:
sec.gov
Kleiner Perkins yesterday distributed 10 million shares to investors yesterday, per Dow Jones and the Wall Street Journal. Those shares unlock Monday morning.
800,000 shares sold = -16. That's in addition to the millions of shares low-level employees, who have their fortunes and futures tied into the stock price, who have seen their bosses unload before them, can only sell starting Monday. I wonder what tens of millions of shares coming for sale in a stock with 10-20 million average volume will do to the stock price?
Now maybe you'll remember my post about being right 1 in 3 trades, trading without ego, when you're right taking huge gains, and you'll see what I mean. I know most traders let their egos lead the way, have to be right all the time, but I don't care about that. "Right" means profits, at the end of the day.
En verra, mon ami :-). |
