For all those following the trade- I took my profits in the QQQQ puts this morning as the gap down in the market was too good to resist. It was about $1800 on $5k overnight. More details later.
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Took Profit in QQQQ PutsFor all those following the trade- I took my profits in the QQQQ puts this morning as the gap down in the market was too good to resist. It was about $1800 on $5k overnight. More details later. 3 thoughts on “Took Profit in QQQQ Puts”Leave a Reply |
Can’t really blame you for taking profits when you did since you still have your QID…but you must have been wishing you had held on a bit longer. I’ve been there.
Editor: I only sold the options- I still have 2000 QID which is up nicely again today. I hedged in case I am right about the big picture.
What a crazy day – at least it allowed me to break even on my options. Can you give us some info as to your thoughts on the so called “oil” bubble. I dont really buy it – I think the USA has been living in a “comfort bubble” for the past decade and that’s whats popping. Europe has been paying twice as much for gas at the pump for as long as I can remember. It really is as simple as supply and demand – why cant people understand that? Where am I getting with this? I know it’s cliche, but we want some green stock picks from you as this year and next will be a great opportunity imho. I’m up almost 30% with vestas wind (OTC stock) and im thinking about buying into QTWW although risky, I see plenty of upside long term. It would be great if you could cover some related stocks for us, if you have the time of course. Thanks for the continued effort you put into all this!
Editor: Apparently, the world consumes 83 million barrels a day and produces 85 million. The amount required is going up, but the amount produced is not. Hence, more buying than selling. Any threat of disruption sends the market up crazily. However, at this price, consumption is down 9% in the US this year. A wise commodity guy once told me that the cure for higher prices is higher prices. Parabolic moves like oil always calm down at some point in the future. It’s just impossible to really call when it’s going to be. However, being low oil is a very “crowded” trade. They are buying because it’s going up. When they start selling because it’s going down, it will correct. It’s simply impossible to say when it’s going to be. Remember’s Greenspan’s comment on the markets being “irrationally exhuberant”? He made his comment in 1998- the market continued to go crazy for two more years before falling apart. I suspect oil will end up stabilzing somewhere around $100 to $120- I just have no idea how long it is going to take.
Just curious, where did you post this Put recommendation on Thursday evening just before the close? I’m wondering if I’m missing something. if you’re posting in another place other than here please update me as I respect your opinions. Thanks.
Editor: I published the Put rec in a full, email delivered newsletter. If you didn’t get it, it could be for one of several reasons. With a Yahoo email address, it could have gone in your junk folder. You can “white list” the newsletter in Yahoo!- see instructions on the right hand menu bar at the home page. You can imbed the newsletter and the blog in your Yahoo! home page with RSS feeds at the bottom of the left hand menu bar. You can get the newsletter and the blog in your inbox with the RSS feeds. Or, perhaps you are not a subscriber yet- just input your email address at the home page and reply to the email you receive. Here is a link to that edition:
http://www.otcjournal.com/QQQQs-Getting-Short-the-Market-Time-to-Double-Up/af/archive/20080605-1/