CMI traded up over $60 briefly this morning putting my naked calls in the money. Then it fell back below $60 putting my naked puts back in the money. When I saw it back down around $59 I debated if I should close both options for a profit or let them both expire, one in…
Author: Alex Fotopoulos
Closed CHK Naked Puts for Profit
This rally that started at 1:00 yesterday has been very good for me. I’ve cut my paper losses for the month in half in the past six trading hours. Among the many gainers, Chesapeake Energy CP (CHK) is up into the $40s from its near-term low on Tuesday morning just above $35. I am long 200…
CBOE VIX Hits 10 Year High – Does it Matter?
I’ve been waiting for the CBOE VIX (volatility index) to spike. Well, it spiked all the way up to 42.16 earlier today. This took out the last high of 39 in September 2002 and was just shy of the August 1998 high of 44.28. You can check out Yahoo! for the historical price range since January…
Sponsored Post: Eminiforecaster
I received an sponsored post request through ReviewMe for Eminiforecaster.com. I think this site is worth checking out. Here’s a summary of some of the information I found on their site. Eminiforecaster uses what is called G-Lines to predict the direction, swings, pivot points, highs and lows of the stock market one week in advance. They post their forecasts…
Sold CMI September Naked Calls
As I mentioned in my previous post I had an order on CMI. While CMI was trading at $55.50, I sold two CMI September Naked Calls (CDMIL) for $0.55 each and received $98.50 after commissions. CMI closed the day at $57.36, so clearly I didn’t sell my new options at the high of the day. …
Sold AA and VIP Calls to Cut Losses
After saying in my earlier post that I wouldn’t make any trades this morning I opened my account to see I was down another $4,000 by 10:00 am. I decided I had to save something, but knew better than to go all in during one morning. I checked my spreadsheet to see what I was…
What’s The Fed To Do?
Marketwatch posted a good article this morning explaining the situation the Federal Reserve is in. The first thought for many would be for the Fed to cut rates again since the economy seems to be in dire straights. That’s what they do, cut the cost of borrowing and stimulate the economy, right? Well, maybe rates are low…
S&P 500 Chart – September 12, 2008
The S&P 500 ($SPX.X) started last year with a blink by dipping below its few months of an upward trend. That dip shows on my weekly price chart for the past three years of SPX. That blink turned into a tick that kept coming back throughout the past year. Finally, when we feel like shutting…
Oil and Ike
Today (even the past few days) has been interesting to watch how oil reacts to Ike, the hurricane, not Turner. The AMEX Oil Index (XOI) is up almost 2%, but oil ETF USO is down a half percent. I recognize they aren’t tracking the exact same underlying issues, but that’s a big difference when both…