Phew, I'm glad I got out of those SPX puts. The timing was almost perfect! I've identified a few interesting long (bullish) candidates with these contingent stops.
BA 54.20
CWEI 61.89
DST 52.85
EAC 36.84
MRK 30.34
SOHU 49.10
Slope of Hope Blog Posts
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Exited S&P Put Position
My one and only index put (.SZPWE – SPX NOV 1225 Put), purchased yesterday, I have sold off. I usually don't have such a microscopic lens on every little wiggle in the market, but the fact is that this Congressional vote is sort of like monkeying around with the markets around a big Fed announcement – – fraught with risk!
I made a nice profit on my put, and although obviously I'll be disappointed if there's a surprise in the voting tonight and the S&P plunges tomorrow, I don't want to risk my money on guessing games like that. I don't feel very safe shorting broad indexes right now, nor do I feel safe going long them. I confess, I'm not the sort who does well with a ton of cash sitting around in his account yielding 1% annual interest, but there are times when it's best to just sit tight. I'm going to try……
Indies Again
I think I'm going to bring some of the "old Slope" mojo back and be issuing individual ideas with more frequency.
I'll kick off the morning with this one – BIDU – which has broken a major trendline. I am buying puts on this with a contingent stop at 254.64, which is quite close (and a small gap-closer).
