Quadruple Witching Friday turned out to be a non-event even with the short interest in the market... VIX is still complacently low and volume is drying up.
I thought today would have been weaker than it was but volume was very low across the board. Probably awaiting Sundays vote on the Health Care Bill.
In following the rules and protecting the down-side I closed out a large international fund today since we had an 8-day run-up and the fear of the bill passing over the weekend bringing a strong pull back on Monday and next week.
On some positive notes, MU calls did well if you got in and out quick. Shorting IPI was very successful, either outright or trading PUT options. Here is the IPI Bar Point Table for the last week...
Date Time Open High Low Close Volume
3/15/2010 09:30:00 31.38 31.64 30.53 31.45 2,114,705
3/16/2010 09:30:00 31.87 32.64 31.59 32.32 1,616,200
3/17/2010 09:30:00 33.02 33.03 31.29 31.52 1,215,280
3/18/2010 09:30:00 31.42 31.7299 30.27 30.72 1,445,070
3/19/2010 09:30:00 30.80 30.8599 29.78 30.04 1,157,171
I am trying to pick up Citi (C) 4 Apr calls at .10 and trade the earnings.
Shorting PALM is probably still a good move as they continue to plunge to new 52-week lows--currently below $4. I will look to pick it up sub $2.
ITMN is over $40 on strong volume.
TNK is still rising even after the dividend payout earlier this week.
For those who remember me talking about BIDU early this year at $100. It is $569 right now... AFL is over $50. UYG is almost $6.58. URE is over 8 and FAZ is below $15...
DIAmonds are holding strong at 107, buying near or at the money puts for April may be a good trade, possibly too late if the Health Bill passes but if not we are still do for a fundamental/technical correction with strong volume.
Happy Trading...
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