With great news out of China regarding the Yuan and bond sales doing well and technicals showing support the market is set to rise huge Monday.
I picked up some 103 PUTS on the Diamonds for Jul probably not the best move. I will keep since their still isn't much in the way of underlying performance that has changed and the momentum is based on technicals and traders. All it takes is one bad news headline.
AAPL has been providing huge movements in the options world, ex. 80k versus 6k trading the premiums verses the stock itself. I was thinking the quick rise last week was based on expiration Friday and perhaps some short covering. Maybe not.
I will be looking to layer into October 280/290 Calls over the next few weeks as we get closer to earnings. I had 20 Contracts of July 260's twice now, once at 8.75 and then again at 7.55 cost basis'. I sold both as a day trade instead of holding as a swing trade as I have been telling everyone else. Results 40k in unrealized profits over 2 weeks. So if you were listening to me and not selling out early you are doing better than me ;-)...
AEO is in the money. Citi 4 LEAPS are at the money.
Apple seems to be it, IPad, Iphone, And now the Mini Mac will all add up to beat expectations and with all the hype most likely continue the radical rise we have had lately.
First Solar met its trend around the 100 mark jumped up by 20%, covered for quick profits.
Happy Trading...
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