Cosmic's MarketPlace Wrap - 12/15/2010

[cosmic]

Ruh Roh. Ok, so that was a baby bear at best. The market had tremendous resilience for two days in a row against an elevated TRIN and negative TICK. I'm surprised it held as long as it did. Breadth down is expansive.

Looked at some Jan SPY puts but didn't pull the trigger. Two of my crap stocks actually ran today so I'm greener than I expected. I still have my parachute on, memo or not I'm ready to jump.

No trades.

Hope everyone made some money today and will do so tomorrow. Members, please post your results along with your RDA of smileys!

[Rich]

bought some ksu calls,,,ugh

bought some spy puts,,,yay!

[kryptos2009]

Sold the 50 UNG Dec 18 6.0 Puts I was holding @ $0.20

34% gain / $255 profit

;D hhhhmmmm profit good ;D ;D

[demanuel2001]

Well LVS killed me again today. Did make a little short scalping LVS stock but the short puts hurt me. Restruvtured by buying back short term (Dec and Jan) high strike puts and writing new longer term (Mar and Jun) $42 and $43 puts. Sold back some BPZ for a modest profit and started scalping MNKD. Overall down 2% on the back of LVS - but feeling a little calmer now.

[novice08]

Had a miserable day, everything down except dag. Have you noticed bac up 2.5% ah? Hmm.

[brosin]

Dec 15, 2010 17:44:59 GMT -5 novice08 said:

Had a miserable day, everything down except dag. Have you noticed bac up 2.5% ah? Hmm.

Hmm indeed, thanks N hadn't seen that.

S&P Raises Bank Of America Hybrid Ratings One Notch
21 minutes ago - T

S&P Sees BofA Derisking, Improving Earnings Resulting In Higher Cap Levels
20 minutes ago - T

[timber]

i didnt really do much.....i usually wait when the markets like this ....made short tza and ung trades...

[timber]

bac insiders bought a lot....dont bet against insiders buying

[papasloth]

I had some old deep out-of-the-money FAS 2012 calls that I had bought back in April as part of a bear call spread. I covered the short side a couple of months ago for a nice net profit, but most of the value had expired out of the long side, so I've been basically ignoring them since then. Today I closed them out to offset some of my tax gains this year. I may decide to sell my SVNT stock and convert it to a synthetic long over the next couple of weeks for tax purposes as well. I haven't decided yet.

[exabi]

Sold to close some AAPL DEC 320 calls I bought the day before earnings in Nov. for a big loss. The day I bought them was the only day they were in the green. On the less dim side, I sold within $0.05 of the high for the day. Still holding PCX , tho in the red a little bit.

[brosin]

Real Life

FFR was uberbullish to .19% from .17% - in 2 days, that's +.03% and we have quickly recovered from the "deployment on risk" levels which were seen for one day on Monday. Hell, we're now not even in "get your parachutes ready" levels as we were yesterday. I am interested to see which way we end up settling down; it is a good sign for the bulls that we only saw a couple days of weakness that didn't hold.

However, since there is a lag effect and we were in a bearish trend that has not shown itself in the equity markets, I still think caution is in order for the near term. I am certainly on board with the logic saying that we are in a longer term bull market; however, I feel all the points being hammered home now were all true a few months ago and that the easy money from the "christmas rally" may have already been made. It will never be easy for bulls either; how many were bullish late this summer?

I remain all cash waiting for FAS to come back to some buyable levels

Monopoly world / real time entries tracked in the blog - good day overall

Big cap - strong day, +4.5% and was fairly active

IRE was probably most interesting - bought to cover half of my remaining 5x short @ $2.52 & $2.53 early on for 8.8% early on, but would short that amount and another 2x @ $2.78 & $2.81 to give me another 8x short position avg $2.79 / unrealized +1%

Sells:
(all) MOS $66.70 / -2.5%
(all) RIMM $59.30 / -4.3%

Buys:
(add) OREX $9.03 & $8.84, avg $9.05 / unrealized -2.8% on 4x long position
(add) FAZ $10.10, avg $10.11 / unrealized +2.7% on 3x "long" position
(to cover all) LVS $42.98 / +6.6% on 1x long
(to cover all) CRM $136.50 / +6.1% on 3x long
(to cover 1/3) SLW $37.80 / +2.8%, still have remaining 4x short avg $38.90 /+2.5%
LVS $42.28

Shorts
(add) BKE $39.45, avg $37.28 / unrealized -4.4% on 12x short position
PAL $6.41
AAPL $320.50

I am now 23% long, 77% short

scalp trades - good day, +4.1%, still holding FAZ from $10.73 hoping to get out green

Options Acct - no moves, good day acct +7%

added to SPY Jan $126 puts @ $3.41, $3.72, $3.65... holding good amount avg $3.45 / unrealized +8.7%

All in all, accounts were +4.3%

[jn1520]

Still holding newest position of 130 shares of FAZ. No trades otherwise.