Cosmic'S MarketPlace Wrap - 5/5/2011

[cosmic]

More uninspiring market action today either way. As we approach the 'flash crash' anniversary tomorrow it will be fun.

No trades today.

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

[demanuel2001]

Well I felt like I was recovering well all day - until about 45 minutes before the close. Most of my stocks were up most of the day. Ended up pretty much even on the whole day. Still it beats losing the way I have been earlier this week.

[papasloth]

I'm in SVNT with a large covered call position. Today, they released quarterly earnings and the street was disappointed by uptake of their new drug Krystexxa. After gapping down on open, it looked like it was starting to level off around 10% down. Then there were a couple of major downgrades, and it continued to sell off for the rest of the day, closing down aroun 23%. Yuck. The one small bright spot in this is that the short call part of my position will expire out of the money in two weeks.

I was hoping to be completely out of the position on May opex, but I guess it will be a while longer.

[papasloth]

Oh yeah, my MCP naked strangle did wall today in spite of an increase in implied volatility. But, not well enough to balance out my SVNT tankage.

[brosin]

Made a move in my IRA - bought back the MVIS shares @ $1.28 that I sold on 1/12

[tajmahal9898]

I was doing very well in the afternoon, was even going to report > 25% realized YTD profits but in those 15 mins, I lost close to 45K. Though I recovered some during rest of the session, I am not up the way I was in the afternoon. All I need is VXX to close below 25 tomorrow and I will have a realized profit of ~40K. Otherwise, I have to roll them over to the next week..

GL everyone.