Options update for 23 Sep...sure wish I were in Chicago tonight!
Even at my advanced age I would still love to be at the opening show of the Stones world tour...oh well, catch them here in January. Oh, right, this is the options thread...
Inco: I guess this is the inverse of the old saw 'buy on mystery, sell on history'. This stock had dropped about ten bucks on fears of what the government and the Innuit would coerce out of the company to develop Voisey Bay. I'm in favour of the environment as much as the next guy, but this place could be used as the far side of the moon.
I mean, the nickel was lying on top of the ground, it's just that no one ever went there. I really don't see much downside from here...I just don't know whether there will be any real rally. I'm long just out of contrarianess (sp?). Volatility still holding at higher levels.
(31,29)
ABX: For a while today, I thought we were going to get shut out of any options trading in Barrick...nothing by 11 AM, then some stirring as the stock started to move. I think the stock has a shot at US$23 but there's whispers that Horsham wants to 'monetise their assets', ie sell their Barrick. I can't see Munk selling at this low end of Barrick's trading range unless he thinks deflation is coming. (33,33)
BCE: For a stock that I don't like very much, I've gotten myself into a long position. It just didn't want to sell off today when NY was way down. I let the market put me in a position I don't want, and that's not good mental hygiene (or good trading practise). I just bought a PCS from Fido, and while I don't expect digital phones to supplant the phone on the kitchen wall soon, Bell better get with the program in terms of price and features. These things are neat! (25,25)
A few of us traders are going to a meeting tomorrow to look at a prototype of the new automated trading system. I'm sure it's state of the art, but it can't do the one thing critical to a fair and efficient market--it cannot conduct an auction so that every incoming order receives the best possible price. In fact, it *prevents* that from occurring. That single fact means the instant death of the TXO/TXF complex and the lingering ugly death of equity option trading.
The exchange management is either too arrogant or too ignorant to see that, and that is truly a shame.
I know, I'm sounding like a broken record, but damn it, they've got to be stopped. There just doesn't seem to be any hope of that.
Happy trading.
Porter |
