Cosmic's MarketPlace Wrap - 5/20/2011

[cosmic]

It's kind of funny I missed the afternoon session completely. When I checked my phone prior to writing this I said 'hmmm my watchlists are really Red but I'll bet the indices closed Green.' And then I looked and there actually seemed to be a correlation.

As I had expected and we discussed, this week would be down, as predicted by the action into last Friday and the close last week on a down note. This is one of the few predictors that still seems reliable.

I can't believe they hammered SOL as hard as they did but solars in general seem to be unfavorable if LDK and JKS are also indicators. I bit off a little more just as part of my practice of buying at pivots for these stocks. I'm also watching ELON with some interest as it hit breakout territory but has pulled back with the rest of the market here.

No other trades.

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

[sloop]

I got out with my life this week. That's all I have to say. Oh, and one more thing I wish I would have traded LNKD. Have a good weekend.

[Beau999]

I got short the Dollar, although im not sure how smart that was. Maybe i should be long the ERX or something...

[davetherave]

Portfolio was flat today. Bought some BOX at 17.20.

Long: WNR ERX DAC BOX AAU NGD

Enjoy the weekend! I think the rain has finally stopped in New York! Should be a nice weekend!

[demanuel2001]

Quiet and mildly disappointing day. Just one miniscalp. Down 1/2% for the day and 8% YTD.

[timber]

didnt trade much added more tvix shorts....and zls shorts....no trades waiting for direction and i still think we go down

[puurfectten]

well..got wrecked on the small position vxx24 may calls i tried out...guess my technique on the opex hot potatoe act needs some serious polishing..lol..picked up some new june 23 calls right near the bottom today..see if i can "un-lose" my money on monday..

[papasloth]

Bad month for me. I have a covered strangle position in SVNT (long the stock, short May 10 puts and short May 11 calls), a short put position in LDK (short May 10 puts), and a short strangle in MCP (short May 65 puts, short May 70 calls, and short June 75 calls). The good news is that MCP backed off its high of 79, and I was able to close out my short calls last week for a nice realized profit. However, my short put side was in the money. SVNT and LDK were both total disasters this month, with SVNT stock falling 32% from April 29th (hitting a new 52 week low today) and LDK falling 37% from April 29th (the lowest it's been since mid September). Yuck.

I still like the positions, in spite of getting hammered, but I feel like my volatility is a little too high right now. Here's what I'm doing:

I'll take assignment of most of the SVNT puts and sell covered calls if the stock price ever bumps enough to make it worth my time.

The LDK May 10 puts, I rolled over to LDK Sep 10 puts, for a little more premium. I would have preferred to roll over to a better strike price, but I would have had to increase the size of my position in order to get the same premium, so I just hit the "reset button," and will see what happens.

The MCP May 65 puts, I closed out for around 6.00/sh, and sold 2/3rds as many Sep 60 puts for 9.10/sh. This improves my strike, reduces my delta exposure, and keeps my premium around flat.

So, it's going to be a quiet 4 months for me, as I take a little breather and wait for the LDK and MCP options to decay.

[brosin]

In real life, I'm really hoping that early next week will be the beginning of the end of my long term stay in FAZ... in other words, the market will probably now gap up 200 pts Monday ;D

The market and I were duking it out in the monopoly world this week - after today, I am back in the lead by 2% since inception

[brosin]

May 20, 2011 17:51:31 GMT -5 puurfectten said:

well..got wrecked on the small position vxx24 may calls i tried out...guess my technique on the opex hot potatoe act needs some serious polishing..lol..picked up some new june 23 calls right near the bottom today..see if i can "un-lose" my money on monday..

Sorry to hear Lee

Taj is showing us how fast VXX goes down... pretty much $1 / week lately

The way that thing is structured is nuts given the volatility of the $VIX (the volatility of volatility ;D )

[novice08]

Just my lng trade which turned out ok thanks to exabi and maxi...netted about 37% from purchase in Feb. @7.35...this is fine with me, as you all know day trading isn't my strong suit. The way things are looking this afternoon, glad I took the profit. Have a good week-end everyone...

[jack]

Cut grass...if its gonna end tomorrow I don't want anybody complaining.

[Clinton SPX]

No Trades.
highlight SNSS +3.4%
Account down .7%

[maxi]

Still own a tiny bit of HAL. Not adding till I can add lower than I bought tho!

Also some AVL which may or may not turn out to be a mistake.

Wish I had an account to short in Would have shorted CEDC today. But
since I don't I am waiting for it to fall a lot more before I buy it again.

[exabi]

Got a nice little pop on GMLP (4.75% today, 13% since purchase), a fade on CLNE ( 3.27% today, 7.2% since purchase.) Said goodbye on MNKD MAY 6.0 calls for a total loss....I can finally take it off my watch list.

Been gathering up old clothes and shoes for tomorrow's rapture event based on A2L's post

[abdogman]

May 20, 2011 18:36:48 GMT -5 jack said:

Cut grass...if its gonna end tomorrow I don't want anybody complaining.

You are a Trip man .......really!!!!

Exalt My Bro

[tajmahal9898]

Another good week -- thanks to short VXX calls..

VXX May 23 and 24 calls expired OTM -- Tomorrow, I will record realized profit of ~54K

up ~34% YTD - most of it in last 4-5 weeks..

[puurfectten]

good job taj..i was thinking about u when my vxx 24 calls let out their last little gasp... ..