Thursday, July 17, 2008

July 17 Rally continues as Oil drops

The Dow is up over 200pts right now. You knew this was going to happen. Oil tanks and Banks rally right before OPEX. Option traders love this. They lock in hefty profits from selling calls and letting the theta (time value) decay. Then when OPEX week comes around, they exit there positions (covering there short calls), and in some cases reverse and go long. Can you imagine the money that was made if you went long AMR or any of the airlines on Tuesday and held into today?

What's with WM? It's holding at $5.00 all day. I'm still concerned about this company.

Came back and did some afternoon trading and made a couple extra bucks. I should have shorted the bond futures this morning as I planned. I just hope next week they pop up so I can short ZB or ZF.


Anonymous said...

well done , stay positive


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