I recovered and got back in the office today as they restored power to the business district of Palm Beach. I am still without power at home in North Palm Beach. I was up at 4:45 a.m. this morning to get gas and was in line for over 45 min. at that time so I can drive and run a generator. Yesterday, I was in line for 1.5 hrs. to get gas. Things are tough and energy is scarce. It is a real wake up call when we have a fragile energy system in a hurricane-prone state where we should have all electricity running underground. I still cannot watch TV, so I am not sure what is showing, but there are poles snapped left and right, roofs ripped right out, boats sunk, windows shattered, and so on...
On that positive and spectacular theme, I took a short in WCI via NOV 030 puts also first thing this morning -- and not a small one either. The hurricane did tremendous damage to the area to weaker buildings such as those that are under construction. Cranes are hanging from the roofs of condos and others are flat out on the ground crushing whatever they fell on. Charges for the HBs are forthcoming in my opinion. WCI has a significant concentration they have in South Florida along with LEN.
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stockcharts.com[h,a]daclyiay[pb50!b200!c20!c30!c40!b10!f][vc22][iut!ub14!la10,30,5!lh14,3!lg!ll14!lc20][j28384166,y]&
I sold my PTEN this morning at the open at 34 even. I would have sold it sooner but I did not have a working phone, TV, or power for a computer. Luckily, I made over 11% on this last trade I got in at 29.70. My active trading account was in cash during this time but now has only those puts. Let's see what WCI has to say on Tuesday, Nov. 1st, when they report earnings. That is the FA viewpoint. The TA viewpoint does not look very encouraging either, IMVHO. Thoughts welcome.
Best regards, |
