S&P fell below the technical level of 1324 today. Given the crisis in Libya this may be temporary but listening to the smart guys on CNBC today's action wasn't like most of the past pull-backs. I recommended buying on the Egypt crisis which was different and that strategy worked, however this is different since Libya is an OPEC nation and crude has been impacted significantly price-wise. Refiners aren't indicating any issues yet...
I did take the day to pick up more of my favorite dividend play Teekay Tankers (TNK).
APPL was a good short and was highlighted on Options Action as such, we'll have to see where the innovation goes from here.
FAZ closed back above 8 today on strong price action. If you are bearish on financials this is the one to trade. I am not as I still hold contracts of C jan 13 4.50 calls... Today was a good day to continue layering in....
Had the good fortune of visiting with an old friend and colleague this past week and of course an unprompted discussion on options came up. He is selling silver cash-secured PUTS on SRV Ishares Silver, and as of our discussions he is well into the safe zone on those. If fear is an indicator it would show that people are getting into Silver as well during financial uncertainty, need to research this one more to understand the long term trading strategy.
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