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Hi Shooter, in case you want to know, my collegues are bailing out of WCOM, meaning they will stop trading it. We do responsible for trading 80M shares of WCOM everyday in the past month.
signed,
Bernard
Not Sure Shooter!
I would think that as long as the stock continues to trade that the Options would still be available to be traded. I am showing that the WCOM Options are still available to trade here. I think that the only thing that might affect the Options is if the stock was delisted or halted and could not be traded. I will have to call my broker on that to be sure though. Just talked to my broker and they are saying that even though a stock is halted that the Options can still be traded. If the stock has been delisted then the Options might only have the ability to be exercised. In other words, if you had a Put or a Call then you could exercise the contracts to close them out. As in WCOMs case that would mean that if you had a $2.50 Put then you could exercise the Option and sell the stock for $2.50. I am still not sure what they would use for the exercise price though if the stock was halted. I would think that if WCOM is at 20 cents again tomorrow that the $2.50 WCOM Puts could be sold for $2.30 or exercised to lock in $2.30 on them.
Does that answer the question? I would suggest a call to your broker to see if they have a different explaination. I only talked to one representative about the situation.
Good Luck Shooter! Sincerely, Bob :^)
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
bbgold:
Hi bud,
Have a question for you or any of your option friends.
KP, posted over on BTS, and asked a interesting question regarding put options during a BK. As stated before i dabble with options for hedging purposes mainly, but lately has a shorting techiqnue. But couldnt answer his question. Was hoping one of you guys could help.
Here is his post:
Shooter~wcom @ $ .35 on fraud issues...EBIDTA over stated by $3.5B... defaults make new money less likely and BK more so
hence my option question... how would a BK affect the put contracts? ie how does BK affect the existing options?
TIA
Shooter
None of my orders filled, except for QQQ JUL02 31 C QAVGE, so I have more of them. That's it.
Sag wait 'til Fri or Mon to add to Calls, DOWN may gain a lot of momentum in the next few days.
good trading, steve
We'll see how the month goes. Nas was up 12 before I ran out a while ago, now I see it's down 18. I threw in more bids before I left home this AM... will see what I get later. My VZ calls are holding up nicely, but the Qs came down a bit.
Added 2 more Put positions today 10 contracts each:
DJV SN @ 1.25
QAV SZ @ 1.60
Good trading, steve
Sag nice trades IMO.......be patient with them as this market is still poised for a dramatic decline even from here but time is running out on this window, which makes your trades look good. Hopefully you have reserves and can add to the positions should we drop another 140 points from here.
I am holding my Puts through this week but will re-evaluate if we get any serious drop and if we fail to drop with force by Friday I will go to the sideline probably.
Good trading, steve
Try again...
Bought QAV.G.D JUL02 30 C @ .15
Bought QAV.G.E JUL02 31 C @ .10
Bought QAV.G.G JUL02 33 C @ .05
Bought VZ.J.J OCT02 50 C @ .45
Had orders in for the 32s, but they didn't fill.
Updating positions:
QAV GC sold @.90 (.85)
DJV FQ sold @1.60 (1.35)
should of held for 2.20 or more.
GLC GI sold @ 3.20 (2.70) should have held for 4.50 or better
GLC GJ sold @ 1.30 (1.15)
I bought the DJV RS for (1.35) and sold @ the close on Thurs for 2.65
I hold these positions now
AAW SD @ (.30) 20 CONTRACTS
UML SD @ (1.20) & (1.35) 10 CONTRACTS EACH
AAW SX @ (.70) 10 CONTRACTS
QLC SG @ (1.65) 10 CONTRACTS
QLC SH @ (2.90) 20 CONTRACTS
I would like the market to bounce to reposition in INDEX options.
Good trading to all. steve
FMKT $10 July Calls! Shoulda, Woulda, Coulda!
<GG> It looks as though the FMKT Calls would have indeed been good for a bounce here as I am showing the Premarket pricing on FMKT at $11.65. That should put the July $10 Calls up to around $2.50 this morning. Let's see if it can hang onto the gains until the Open. I hope that eventually they will enable All of the Options contracts to be traded in Premarket and Afterhours. Eventually it will probably happen. Maybe next year? Maybe? :^)
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
A Lot of Options Bounce plays out there as a Lot of stocks sold off Huge. FMKT was under $10 and the July $10 Calls were down to $1. Now at $10.50 the July $10 Calls are up to 1.50. Finding the stocks that are Oversold and looking for Call opportunities on the Bounces can still be done even with the markets dropping significantly. Something to think about if we continue to get strong bounces next week :^)
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
Bob way to post here, good stuff.
I promise to update my trades here this weekend, honest<g,G...
Good trading, steve
MXO looks Interesting!
Maxtor used to be an old favorite of mine because it would have good price swings. At least some things never seem to change <GG>. Maxtor lowered earnings forecast today and their earnings are due out next week. The stock has been sold off dramatically already and I think that most of the lowered earnings are calculated in here. This is a good example of cheap Calls as no one expects it to reverse here, JMHO though.
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
FLEX looks interesting!
It is in a downtrend here but if the market ever bottoms and reverses it looks like it would be a good candidate for a rebound. The pricing on the FLEX options looks a little high right now, but most everything does to me <GG>. Most All of the Put prices are High right now as Everyone anticipates further Down. The RAD Calls were good because everyone was anticipating more Down. The EXTR Puts were good because it was looking like it was recovering Up from a bottom but was actually still heading Down. Finding the stocks that are at a reversal point but have not moved yet are the Best for the Options trades IMO. Or stocks that appear to be bottomed but have not, maybe like FLEX? The July 7.50 Puts trading at 75 cents seems High unless we get the Nassacre. Another Good indicator IMO for an Options trade is watching for the Slow Stochastic crossovers. When the stochastic was high on FLEX and it was just under $10 it looks like a $10 or $7.50 Put would have been very profitable. The 10SMA also became resistance and sent the stock Down. You can see from the chart that the MAs and stochastic showed some Great option setups on FLEX. Any sign that this one might be bottomed? I am cautious to buy any Calls on anything until after we get past the Nassacre and July 4th scares though.
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
Waay Early! Now 2.05 x 2.15
I found out that if you are not sure that you are getting the Best Bid and Ask quote for an Option that you can insert the exchange into the quote.
Example for EXTR July $10 Puts
Normal quote EXJSB.O
Chicago exchange EXJSB.CO
American exchange EXJSB.AO
Phili exchange EXJSB.PO
X? exchange EXJSB.XO
National exchange EXJSB.NO
Those are the Five exchanges that most of the Popular options will trade on, not sure if the names are correct. Some quote systems do not look at All of the exchanges for the Best Bid and Best Ask. You might want to keep that in mind Before entering an order.
"Are you getting the Best price?" :^)
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
Yep, too Early, hit 1.90 x 2.00
I found out that my quotes are not accurate also. I use Velocity and the quote is lower than with the Streetsmart Pro. Off by as much as 20 cents on the Bid at times. Supposedly Streetsmart Pro shows the Best Bid whereas the Velocity just the average. I am going to make sure and go by the Streetsmart Pro quotes from now on. Cybertrader is the company that makes it.
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
Sold EXTR July $10 Puts at 1.65
Looks like Maybe I am too Early here but I want to lock in the Profit. It sure does not Look like the markets will Bounce here going into next week but Anything is Possible :^)
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
Picked up EXTR July $10 Puts at .95
The MMs kept the Ask up on these all day and I finally filled at .95 going into the Close. Once I filled they immediately dropped the Bid from .90 to .75, Sheesh. Maybe I was the only one bidding on them Eh? Reloading on the QCOM Puts looks like it would have been in order today when it was trading back above $30, Oh Well. I just did not like the premium that the June and July $30 contracts had taken on since the last drop and the downgrade. It looks like I should not have been concerned by it though.
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
Looking at EXTR June $10 Puts
Trying to pick up a few at 20 cents here. The July contracts are trading at 90 cents and look much Safer. I might change the order to the July ones, or try for both, maybe :^)
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
Futures Down 10 pts, FTSI Down 3%
CNBC is showing Dow Futures at 9390. If the Dow drops 3% that would put us at 9100. QCOM is trading at $28 on analyst downgrade. I only have 10 QCOM contracts and No DJX Puts, Ugh. I hope that the Calls are not too costly Steve.
Sincerely, Bob
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
Hi Steve,
I am just hoping that QCOM Puts Rock. Yes, I am not ready for a Major move down in the markets either. I have been bad about opening more than one or two positions and would be feeling Better if I had some long term positions under my belt here. So far the Futures are holding relatively steady. We should know in the AM how the market will react from the Premarket indicators. Hopefully before anything Huge happens we will be loaded up on the Right side of the markets.
Good Trading Steve! :^)
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
I hope you are wrong for my sake because I am not ready for it.
Good trading, steve
Hi Steve,
I closed the RAD calls at .35 but could have captured .40 and Possibly .45. A Nice overnight gain as I just cannot get used to holding any Options long term. I will hold a stock until 0 for a Loss but cannot get used to holding a winning Options position more than 1 day, Ugh. Picked up the QCOM Puts for an overnight hold but probably should have taken the easy money on those also, maybe. I think that any Puts are going to Rock tomorrow, maybe.
Have a Great Evening Steve! :^)
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
New positions as of today and I may close them on the gap up in the morning but we will wait to see what tomorrow brings first.
Bought:
10 QAV GC @ (.85)
10 DJV FQ @ (1.35)
20 QLC GI @ (2.70) I thought I had 10 at 2.30 but it was not to be.
3 QLC GJ @ (1.15) only partially filled
Good trading, steve
Have a good afternoon Bob, I will try to post later and update my trades. Take care, steve
Yes, watching for Nassacre
Hoping for just a quick PopUp but will be watching for the Nassacre Negativity. As long as RAD can stay above $2.15 I will probably stay in the position. The markets having a Positive move tomorrow and Friday will hopefully give RAD a boost also. Let's see what happens! :^)
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
Keep in mind Bob if this Nassacre scenario plays out as Zeev has forecasted and thus far it has gone amazingly close to how he predicted then RAD could easily touch its most recent lows in a steep decline.
Good luck, Bob
good trading, steve
Thanks Steve!
Yes, I am trying 40 contracts to see what happens. I had an order in at .15 and it would not fill, pesky MMs. July contracts should give me 5 weeks for some price movement. So far it Looks as though the Low at $2.15 will hold, so far. A retrace to $3 should offer a Nice profit. I just need the Bounce now <GG> :^)
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
Market Support at INDU 9500, Futures 1010
So far it looks as though the markets are finding Support again. It will be interesting to see if we Close at HOD, LOD or a Doji. Back above 9500 is looking Positive again for the INDU. Let's see if that will give some of the Calls another Boost tomorrow. Good Trading Steve! :^)
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
Bob I just looked RAD and those Calls seem very cheap but be careful (although how much risk is there on .20 unless you have 100 or more contracts) because that stock moves at its own pace. Its not a high flyer to say the least but the risk seems worth it.
Good trading, steve
Thanks Bob, I will update tonight my trades here as I have very busy afternoon. No Opinion on RAD.
Good trading, steve
Nice Trades Steve!
It would have been Nice to catch that extra dip Eh? I am looking at RAD July 2.50 Calls trading at 20 cents. Any opinion on RAD making a recovery going into next month?
Good Trading Steve! :^)
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
Closed more positions this am. All though I missed the downdraft in QLGC that would have given me 1200 more in one case.
Closed:
QLC RI @ 3.30 (2.45 COST) traded for 4.50 5 mins later
QLC RH @ 1.05 (1.25) traded to 1.55 a few moments later
QLC RG @ .30 (.60) could of had .40
UML RW @ .10 (.40)
Will hold until late June looking for greater weakness in markets following the Max-Pain run these options:
UML SD 20 contracts @ 1.20 & 1.35
AAW SD 20 contracts @ .30
Good trading, steve
Hi Sag,
We still might get a bounce tomorrow to sell your Calls into. Come on over to the MKTSS board and see what we are doing there. It is some interesting stuff if you are interested in learning how to read the markets direction and may help you out in determining whether to go Long or Short. Most of the trades are short term so you will rarely be left bagholding and you can usually profit from every big market move. It might help you to find out when to cover a Call position when the market is ready for another drop. We had the HOD today targeted for somewhere around 9800 on the Dow. Bernard and Steve are interested more in trading the QQQ Options so perhaps you will have some insights or experience that will help us learn about trading the QQQ Options? I primarily follow the DJX but would like to learn more about the QQQs also. Come on over and take a look. Sincerely, Bob :^)
http://www.investorshub.com/boards/board.asp?board_id=41
BTW, RAD 2.50 Call contracts look interesting now.
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
Updating current positions as I took profits in the AMAT and Index Puts:
ANQ SD SOLD @ 2.00 (.45 COST)
QAV RC SOLD @ 1.85 (1.00)
DJV RR SOLD @ 1.85 (1.25)
Tomorrow may give me profits in some of my other positions and if so I will close them.
The Wed the week before option expiration has been good for big movement for several months and tomorrow should be exciting again.
Good trading, steve
Sag the stop worked well. You may want to play the likely bounce tomorrow. It may not take us too far but they should attempt to bring us back towards Max-Pain a bit at least.
Good trading, steve
Looks like my QQQ 34 & 35 calls may expire worthelss... last month my puts expired worthless.. I should have gone short anyway, oh well. DELL is in a tight range though. I went long stocks though... sucks that shorting every long attempt would have made me nice bucks. I'm long NT LU SONS TERN & XLA. RAD got spanked today so I saw 2.75 not being broken... picked some up and stop/loss at 2.73... couldn't watch everything though. I noticed my stop triggered and I got out at 2.73... nice... was 2.61 when I saw that!
Nice trades Sag!
We Might get a little bit of a bounce this week for you to get them back a lot cheaper, maybe.
Good Luck Sag! :^)
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
went away for the weekend.. most of my DELL 22.50 puts were taken from me. Not bad... .20, .25 & .30
Thanks for the site, will check it out
I won't be rich Bernard and I don't count my chickens before they hatch. <g,g.
we are fighting a good fight at the cliff edge though.
good trading, steve
The puts are looking good, and if INDU 9600 and NDX 1155 can't hold, you will be rich almost instantly LOL
signed,
Bernard
I thought I would update my positions currently and record trades closed. Maybe posting will trigger some conversation on positions held by others.
I am holding Puts in QLGC all 10 contracts the QLC RH (1.25)
QLC RG (.60)
QLC SG (1.15)
QLC RI (2.45)
All a little underwater, I am holding through Tues or Wed looking for new lows in the market thereabouts.
Puts in EMLX all 10 contracts these are well underwater and may be losses even if the markets move lower. EMLX has very strong stock of late, it was punished in May and may not weaken much from here.
UML RW (.40)
UML SD (1.35 & 1.20) 10 contracts each.
Puts in QCOM 20 contracts and AMAT 10 contracts
AAW SD (.30)
ANQ SD (.45)
The QCOM is questionable but the AMAT is profitable but I believe we will break 20, we broke through 21 today. If we get to 1519 on the NAZ, AMAT could break 20.
My most profitable trades have been in the QQQ's and DJV's
currently holding 10 contracts of
DJV RR (1.25)
QAV RC (1.00)
Both a little positive.
I've traded in and out of DJV RR twice
Buy (.50) Sell (1.10)
Buy (.45) Sell (1.85)
Buy (.50) Sell (1.90)
I've traded in and out of two QQQ positions as well since May Expiration
QAV SB Buy (.50) Sell (1.35)
QAV RC Buy (.50) Sell (1.25)
Please do your own DD but open to discussion of why and so on for making trades etc.
good trading, steve
Hi Sag!
Have you checked out Bernard's website for tracking the Dow and NDX? There is a lot of good information there.
Here is the link:
http://www.indexpulse.com/
Good Luck Sag! :^)
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
Thanks. Yeah, you may be right. The thing is, every time the feeling is we're going to crash and burn, they rally up the market. Every time things start looking good, they refuel the shorts and we fall down. So today it looks like we're in deep doo doo... Monday someone will make a comment and rally the markets -- esp if I give up on the calls.
I'm not risking big money. I'm not buying 10 or 100 calls at a time.. I buy them in 1s, until I get a real good grip on what's going on.
So maybe my DELL puts will be worth something.
Last month I strangled puts & calls and did ok and goofed the puts, not the calls. I was going to buy puts on the Qs too.. but missed when the Qs were in the 32-33 range... so it figures we fall down like this. One of these years I'll get it right. In March 2000 my timeline was 6 months... ok, so, now it's 6 years. Doesn't matter much, I have a new accountant, and if the situation doesn't improve for me, 5 or more years of 3K deductions.
SagDec15 be careful here buying Calls, if we drop to low 1500 (1519) you will be able to buy 28's. We may bounce a little around 31st/1st but we are not rallying from here. Look at how the market handled the NVLS Mid-Qtr upgrade, they didn't like what was said about Qtr's 3 and 4, which is no visibility. Today a SELL was put out on CSCO. The summer rally is going to come from much lower, maybe even below the Sept. lows, we'll have to wait 'til late June for that though. In all likelihood your 34 and 35's are gonna be well OTM come June expiration, JMHO.
Good trading, steve
Ok, I keep picking up more QQQ 34s & 35s... when are they going to release the rally hounds? This coming Monday? June rally?
Was going to pick up some 33s & 32s, maybe tomorrow if it's a down day again.
I also need DELL to start falling a bit more, still holding puts.
They would be nice if I knew how to do them consistently. Glad I sold 1/2 at .55 yesterday! I rebought at .35 today. If they go down, I'll buy more... at least I have another month for the Nas to rally up some. The thing with 34s and 35s is that within the next month, QQQ may actually go over 34 or 35 at some point... then what do I do? Never actually exercised a call, not even sure how I'd go about it.
As far as my DELL puts, I picked up some more at .15 today. DELL's daily looks like it's ready when ever the nas gives it up to fall hard with it.
I had no signal to enter the trades, I just looked at what was going with QQQ and figured my day trading days are over for a while, so I might as well play with options and see if I can do better with them.
I just wish I didn't have to dump my VZ OCT 45s! I had a sell order for .55 sitting and they went, on the way up to .80.. when it fell back to .45, I should have rebought! They're up to 1.10 today I think.
As for commissions... that's why I'm playing. I pay $1 per contract... so I don't mind picking up a contract here and there. Goes up .05, I make $3 after commish... and $5 up each tick. With my old broker, options were 29.95 for the first contract then 2 per each after that. Never even considered playing options at that price!
SagDec15, nice trades.
What was your signal to enter the trades if I may ask, did you see markets oversold?
I sense a change in patterns the past few days in that am's have been weak and we get late pm rally's which have spiked enough to make them tradeable.
I don't know if this is a pattern change or not but something to watch.
I am holding several Puts and likely now will hold over the weekend as I don't think I can get back in for better prices before we get bigger down.
I am basing this window for more down on some other traders I follow and I will hold now into that window to see if it is realized.
The 1300 area on the NDX will make me nervous if we rise that far but unless it is violated with volume up I will ride my positions further.
No point in over trading and paying lots of commissions.
Good trading, steve
I bought QQQ Jun 34 calls and Jun 35 early this morning. Sold 1/2 of my 34s shortly after 4 (I keep forgetting to lock in profits, even if they do go up more!).
I'm also holding DELL Jun 22.50 puts that I picked up just before earnings. Didn't sell off enough to get out, but I have a few more weeks to worry about it.
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