Thursday, June 19, 2008

Options Expiration

Beat tonight so will keep it brief. Market got a chincy bounce after C announced more bad reality check news for banks. There are going to be some failures shortly in regional banks, its inevitable. Friday is the day to watch Pin Action on the markets in terms of strike prices for options expiration. Thursday we used that to play a Bull Spread on RIMM that netted 20% intraday. We'll be making more of these types of calls moving forward when applicable. I think we'll chop around today(Friday) and next week is going to be VERY key. RIMM reports earnings and that report will dicate the action in AAPL, GOOG and other momentum tech stocks.

Let's see what shakes out Friday. The good thing about option expiration is that it usually leaves us mostly in cash, so we start fresh Monday!!! See ya there!

Michael "Waxie" Parness

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