Well another starting down day and TCK continues to float, I swear it has a jet pack on. I doubled down on Friday with respect to my put which currently has me at ~17% in the hole which would hurt a bit. Basically at this point I just am waiting for the drop or at least a pullback then drop the put and go long. Of course at that point the stock will throw a full reversal and my put would look genious; but I'll be long out of the that and then looking at the wrong side of a buy call. Right now I have no feeling of where th market is at. A couple articles seemed bullish thorugh January to make up for a 'dismal' year- hey everybody likes an end year bonus. Of course the 'false' inflation of wealth bodes really bad in a couple months (Feb-March) but until then I suppose just hold on a go for the ride.
Looking to get in to TCK and ANR today despite my gut feel that everything is due for a pullback.... right now there is just too much optimism not to try and take advantage.
***Update, closed out the puts at a 18% loss then went long on the 50 Calls at 5.5. Judging by the option pain, TCK is expected to pass- not hit but pass 60 by next Friday (17th) Which means that I should be able to get $4 on my call if I'm right which will be a tidy 80% to over my poor move on the put. At this point I'm a bit sour I sold those calls last week- they'd look really nice today! Also riding the coal train, picked up some Dec 18 2010 55.0 Call @ 1.6.
No comments:
Post a Comment