SP500 futures down 14 points at 11:03pm.
Tomorrow is going to get ugly.. I think people were _planning_ to wait until early january to cash in their huge profits over the last 7 weeks and postpone capital gain taxes for another 14 months, but the nervous vibe is really starting to spread, and people are going to realize that paying taxes is better than having no cash to pay tax over. :) The internut stocks got RIPPED in the media today.. CNBC was all over them like a cheap suit- it was great! Cramer wanted to rip that Wavephore CEO's heart out this morning on squawk box! "I'm gonna do anything I can to stop this sort of mania, I tried to short 25,000 shares of his company this morning"
And the insider sales got a LOT of attention, they re-ran the story on CNBC every few hours.. Personally, the level of insider selling is nothing I wasn't expecting, but it is nice to finally see the media over-react in the wrong direction. :)
As of the open tomorrow morning, I am once again buying puts on Amazon, even though I promised myself I wouldnt. :) Guess i'm addicted.. The Dec 95s or 100s look nice and practically free. May go for some jans as well, but I've got a very strong feeling the time premium isn't worth the money.. This could get ugly very very quickly.
Can't wait to see this POS drop 60 points in a day.. Those new margin requirements by all those brokerages, combined with Schwab and others disallowing on-line trading AT ALL on these issues (you have to phone them in on Yahoo and a few others at schwab, it says so on the main screen).. Well, all I can say is that there is going to be a stampede for the fire exit very soon.. Yeee haaa!
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