Cosmic's MarketPlace Wrap - 12/20/2010

[cosmic]

Another weird day. My feeling is that the market is just sloshing around money. I still see lots of non-FFR-based retreats on various issues. If FFR is still bullish and things are retreating... what actually happens to those things if the FFR turns not-bullish? But I just can't get a feel for the market so trading is very limited.

I picked up some puts on X right around $59. Bought the Jan 57.5's for $2, still holding, and am up 13% on this trade. I have struggled with the price action and the option movement on this particular trade. I assume I've looked at something incorrectly. X dropped fairly quickly today yet the puts don't seem to be able to pick up the momentum. If you look at the chain, it's showing very mixed results.

Sold my IWM calls on the pop this morning, for about a 27% gain (can't remember but it's in my blog), after a rollercoaster ride. That was scary as hell. Hey IWM marketmaker...

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

[demanuel2001]

Very nice day from the get go for me. LVS rocked of course - did some scalping and moved the strikes up on my short weekly puts. Sold about half my CHK (thank you Brosin!). Looks like I gained 3% on my overall portfolio today.

[Rich]

good day for me. Sold iwm, sold ire, bought lvs and still holding......

chugga-chugga chugga-chugga....KSU

What the hell has happened to the transports?

[exabi]

Unlost and turned green on my PCX buy a couple of weeks ago, still holding, up a little less than 2%. Bought some CLD this a.m., up about 1.5%. All 2 of my ARNA Jan 1.00 calls up, only down ~50% on them now.

[Rothschild]

Sold all Itmn but kept the rest of my biotech and financial bag. MDVN was my runner +6%. I am happy.

Hope everyone made tons of cash today and will do so ad infinitum

[timber]

made two lvs trades

a couple more trades but i forgot the tickers now

[Rich]

that lvs was beautiful today.

It set up perfectly for long scalps a couple of times.

simply wonderful.

[rockbo77om]

It was a good day for a casino whore like me with Mar11 calls on MGM and shares in both MGM & LVS... drunken with my buddies for the last few tines before Omega in January. Cheers Fastopians!

[brosin]

Real Life

FFR was level at .20% for the 3rd straight day - the .20%s have always been tough to hold, so the longer it holds up here, the less it can be ignored as a leading indicator. For now with few other signs, I remain less than bullish and even fairly bearish in the near term, but we will see.

Monopoly World / real time entries in the blog - busy day and slow market equaled no moves... I was also internet-less earlier in the morning

Big Cap - down 2.1% on the day

Allocation remains 40% long, 59% short, 1% cash

scalp trades - down 1.5% on the day, still holding FAZ

Options Acct - down 9.5% on the day, still holding SPY $126 Jan put options avg $3.50


All in all, accounts down 3% on the day