SOHU/SINA we are comfortably ensconced in this since Thursday 2:00 to 3:00 and just looking for some insurance. These are 2 of our big plays but have already gone up 4 since the rally Thursday 2:00. The point in earnings plays is not to vaguely say "we like it" its 'goin' to da mooon" or "we'll gonna hold this through the report, no matter what".. but to enter LOGICALLY, PROFITABLY and TIMELY and make sure everyone is in and this after a profitable short was called on 1/27. Folks somehow think its enough to just generally declare "likes or dislikes' in stocks and after the report, well be dam_ed, we don't care, we'll talk about it if its up and ignore it if its down! You can't trade like that. We take responsibility for what our traders HOLD THROUGH THE REPORT and how well they are balanced with "insurance/puts" in the case of SINA/SOHU. No chances are taken and no hiding in the bushes until the coast is clear is allowed <g> NEVER UNDER WATER but rather we might miss some upside but being cautious but never let losses multiply and be long losing positions.
Friday we got rid of a good bit of our puts (SNDK biggest one of all) followed by all the "entrails" of our straddle puts in sundry earnings plays, and covered our shorts, preparing for a 'buy the dip' if the GDP was good, it wasn't so we held on longer but by the end of the session we were out of our SHORTS and ready for where we might go on the long side "tabula rasa" and not selling longs at losses right BEFORE THE RALLY.
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