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It takes stones of steel to stand in there and fight regardless of whether you are on the light side or the dark side.
I was at the store and missed the 3.00 so will have to wait again for the next exit. I want to sell for 3.00 or more and then roll up to the April 65.
Mac there is money on the down side. My apple puts average price 2.00 Now at 2.50. I should have gone in yesterday big like Linda suggested.
It is too hot to handle yet. I will keep my powder day. The higher it goes up the better because it leaves much more room on the downside. I had a chance to sell my Jan Puts today to break even but I let it pass. Probably a big mistake.
Linda sorry about not responding. Looks like you got some good feedback from the good people here. I would not sell ERHC now because it is just possible that if the shorts are forced to cover, especially if news of awards come in at about the same time frame we get a buying panic and a short squeeze. Many short squeezes are talked about but few materialize. Many hurricanes are forecast but few hit you. But they do hit and when they do they become life changing events.
One of my long term holds in on the SHO list. Looking at ERHC
http://www.atomicbobs.com/index.php?mode=read&id=52835
If anyone is following my Apple play these are the puts that I will be buying on Monday and Tuesday. I expect that during amateur hour ( first hour) the greedy will be very active. Remember I am betting that we are having a blow off and large sellers will sell into the buying panic that started Friday. Good luck and good trading.
http://finance.yahoo.com/q?s=AAQPM.X
Linda I have had a better percentage of winners by playing deep in the money (more expensive puts and calls) because they do not have the killer premium. Of course the percentage gain is smaller but the risk is much less.
My rationale. The action of other leaders looks grim. Stocks are crashing through their 50 day moving average and are heading for the 200. If this trend continues remember the law of the market. In a down trending market only one out of four can buck the trend. It is hard to make money on the long side under these conditions. Will Apple be the exception? We will see.
Linda knows more about Apple and Apple users than anyone I know. If you are a betting man I think you should bet on her. I am gambler that likes to go against the public. I think that today was a blow off of epic proportions. I think the public will rush in on Monday and get by a 2x4 right between the eyes. The general market is getting very weak and I am sure I am not the only person looking for a good short.
GOAM dropping like a rock. I left a bit of money on the table there. I was going to short it again this morning when I started playin AAPL I forgot about it.
You can sell them if they have any value. They are each worth about 1.70 right now. If the stock goes to 75 they will probably be worth about 50 cent which is what people think the time is worth. Right now their only value is the time left to expiration. I am betting the funds will sell the news on the 11 of January and if the stock goes to 60 I will make about 4000 dollars. In other words I will make 1200 for each dollar it falls below 65. I then have the option of rolling out of the Jan 21 puts to another month to get more time which I will have to pay for.
Mac each put is the option to sell 100 shares at 65 dollars. I have bought twelve puts so far for about 2500 dollars. If the stock really breaks in a bad market I would control 1200 shares. Anything below 65 dollars starts to represent real money. If Linda is right about it going to 75 I may start buying April puts because I may be right about the price per share but wrong on the time frame. I hate to pull against a good friend because she is very long the stock but she is a big girl and my few puts do not affect her in any way.
Mac since you are the host I will take that as an invitation to continue my play by play. The longs have had their fun now let's see what is in it for me. I like my position.
Sorry about my serial posting today. I just wanted new people to see the anatomy of a short position. I will not post again today.
The shorts are now being cremated. Apple people are swarming all over each other as I type. There is a true buying panic going on.
OK here is the plan. I have until Jan 21 to cash in or lose about 2000. If I get the move I expect and I am still bearish on the stock I roll my profits into another strike price or keep the same one but buy more time. The bad part about options is the ticking clock.
Fourth and last buy at 1.80. If I buy more I will move the date out three months.
Rookie if you are out there I was very busy selling greed on AAPL today. They sure are a greedy bunch. I am only risking a few thousand so it is not big deal.
Third entry 1.90 eom
I just bought some more at 2.00. I have two more entries to give.
I just bought some Jan 21 65 for a starter at 2.15.
http://finance.yahoo.com/q?s=AAPL650M.U
Mac rookie short players usually get scalped. That is how I lost my first fortune. Watch me play apple and see if I have learned anything.
Apple players going nuts. I am sure there is a short in my future.
Linda I do not know much about the stock I was only looking at all the call buying in relation to put buying. In my experience the majority is usually wrong. But I will wait until you tell me that the irrational exhuberance is at its zenith. Thank you.
Linda I am thinking about buying some in the money puts on AAPL for leverage.
Linda do you think AAPL is a good short here. Sure looks ripe to me.
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=aapl&sid=0&o_symb=aapl&f...
Mac I was very uncomfortable on the bullish side because my bias is on the bearish side. I would rather find shorts.
out TMTA at l.20 do not see follow through.
Mac I was going to take my 500 bucks and run a few minutes ago but I think it will test the high tomorrow so I will give it another day at least. A scalp on the head is most often worth more than a scalp on the end of a stick. I hope I can avoid the stick tomorrow.
To all: Please do not think that I am not willing to help with board questions. I play a completely different game than most of the posters here. I have no knowledge of most of the buy and sell signals that the TA experts use. I go mostly on the experience that years of schooling at Hard Knocks has taught me. I have two accounts--one is the fun and gun picks that I post here and the other is my IRA where I put stocks like TRBY for the long haul.
Took another bite of TMTA at 1.12. I was looking for lower but it stalled at l.12.
I would have to agree. I am from Northern Minnesota and people asked me why I studied so hard when I was in college. The answer of course is that I wanted to have the option of choosing where I lived and be able to live comfortably. I lived in Bermuda for a year and a half as well as North Africa. I liked Bermuda a lot but I did get Island fever because every where you looked you saw water. My girlfriend wants to get a place in Belize or Costa Rica. We are going to check that out this summer.
I hate to break the news to you. You will hate hurricanes just as much. In 1992 I lost everything I had and took ten years to recover. But it is about 80 degrees out today and the weather is absolutely beautiful.
I did find a long play. In TMTA at 1.10 for first bite. Look at the nice down gapper that I love and all the capitulation volume.
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=tmta&sid=0&o_symb=tmta&f...
I must be getting senile. I could not find any shorts this morning.
Rookie welcome to one of the best boards on the net. If you have learned to stay away from Raging Bull for investment advice you are already way ahead of the game. I use Raging Bull as one of my greed indicators. When I turned bearish in December nobody on this board got hostile or defensive. I made a bearish call on the TRBY board even though I am a very large holder. I got some nasty private messages. The idea is to be bullish before the crowd and bearish before the crowd. About three fourths of the stocks go down in a down market and about that many go up in a bull trend. The trick is to know what the prevailing trend is. I believe the trend in the market is now down. Therefore I was glad to see our leader going to cash until we again see fear as the pervasive emotion. I buy fear and sell greed.
That would be
http://www.mastertrader.com/aboutus.asp
Do any of you have any experience with this trading station? My brokers do not let me short the pennies. Someone on line mentioned to me that this company has a more liberal policy. I have not checked them out but I am considering it.
Tim and Mac I am going to short it again probably very soon.