The fade in equities for this morning's ridiculous, feckless, childish run-up in prices happened faster than most of us anticipated. I bought a large quantity of SPY and SPX puts and got out of a bunch of calls……..some entirely (like AIG, IBM) and some partly (like OIH). Obviously the profits on the calls would have been best right at the opening bell. I made profits on all of them. Getting out of OIH was super profitable, although the remaining position has only a thin profit.
I'm a little alarmed how weak gold/oil/ags are. My bullish position is much smaller than it was at the open, but I'm less thrilled about it than I was. I've set stops pretty tight – – typically at lows of late last week – – so I could be boinked out of them relatively easily.
Hang in there, everyone! This is going to be a day for the books.
