Here's an intraday update for y'all:
First, I sold my SDS at 91.75 this morning (up to 93.79 ahora). That I bought around 66.00 in early January.
Second, I nibbled on Bank of America. I bought a few shares at 3.33. It's 2.89 as I type this. Dumb.
Third, I bought a few Feb 210 puts in SKF. Paid about 4.00 or so with the underlying just under 210. They expire in 2.5 hours. All I need a little dip (market rally) to pay for them. Maybe I buy stock 1-to-1. Maybe I buy against half of them and turn the position into a one day straddle. Maybe I do nothing. The puts seemed cheap - as everything does to me on expiration day. I've sort of a fetish for expiration option buying.
6 comments:
markets bounced a little for ya as of 240pm...Kfell
You did good with BAC. I bought @ 2.98 and 2.66 and will hold over the weekend.
C-Nut,
Did you see Fidelity took a chance on Citigroup in the 4th quarter?
According to Bloomberg data, the fund company added 104 million shares of the bank stock in the quarter, bulking up the stake to 171 million shares, or 3.1%. Citi's average stock price during the quarter indicates that Fidelity's added shares have cost the funds about $874 million, Bloomberg says. This year, meanwhile, Citi shares are down 63%, to a low they haven't seen since late 1991.
Contrafund took on 18 million shares...And this is one of their better funds...
Bunch of monkeys throwing darts over there...
I disagree. Monkees would be matching the market - not underperforming by leaps and bounds!
Fidelity is going to be in real trouble. They're still in denial this year, but by the end of 2009, that company may be gutted. There are too many high paid dingbats there. It's really quite astounding.
FCB,
I did better with BAC when I shorted it in the 40s!
Me too, but there's no more meat on that bone. This flier at BAC is just a bet (counter to the current wisdom)
that the common won't go to zero.
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