Earnings reports and forecasts for future earnings have been pretty good today - but the market doesn't care, it wanted to go DOWN.
I sold a bunch of stocks, stock that have been up the past few days - DUK, C, WFC, HQL, BBH, etc.
SO I have sold most calls, except for Biogen BIIB , Some longer dated PD and some longer dated FCX.
I have added a few more puts, on EABY (boy does that look sick) and RIMM, and X, US steel.
Also bought some RYVNX, a bear fund, -200% of Nasdaq 100.
For cash accounts, I have about 55% cash, 10% RYVNX, and the rest longs.
For accounts with options, I am loaded with puts, about 1/3 in the money, the rest 1-3 strikes out, bulk of dates being June to August.
Effectively about 250% short. Lots of gamma from the out of the money puts.
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We may have an end to the declines, but maybe not a bottom in the next weeK - we could drift sideways all summer...
So if we get some downward movement in the next week or so, I will be selling most of the puts... |
