Looks like there will be an upward bounce at the open to which AOL will not be immune. I'll try to get my price for my remaining puts with a limit order at the open. I hope it runs back up a ways, because I have been convincing myself we are just in the beginning of a correction. I'll look for my opportunity to pull the trigger again. Meanwhile, if indeed we see strength today, I may raise even more cash from my long positions. Most corrections are not a quick jolt with a snap back. There is repeated backfill that feels like water torture. We're facing a bit of a liquidity crisis worldwide, particularly with the world's second largest economy finding itself in dire straits because of its exposure to SE Asia. The Fed doesn't dare raise rates in this environment, even while our economy has been nearing capacity. Of course, consumers have leveraged themselves to the hilt, and now they are feeling a lot poorer since the Dow dropped from a high of 8599 to 7401 yesterday, taking all those mutual funds with it.
I'm also looking for some more shorts, no sense putting :-D all my eggs in one basket, although AOL remains attractive in that regard. Any suggestions? |
