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trade stock, stock option
[Weekend Summary]
Dear Member:
Today was option expiration day which explains the super high volume on the Dow and probably explains the somewhat unexpected market behavior over the last couple of days. Santa has been at work, now let's see where next week takes us. I would expect that volume will begin to diminish as the week moves along and we approach the holidays.
I had a good success this week when I closed the Northfield (NFLD) naked put trade and then a loss when the Diamonds (DIA) took off and I had to close that bearish spread for a loss. One good thing about the spread, of course, is that it does limit losses.
NVIDIA (NVDA) has moved up a bit and the bearish spread I have on it brought in a fair amount of cash. If the stock moves up any further, I will probably adjust by closing the short leg and attempting to profit on the remaining long leg. Of course, if it turns back down, I have nothing to do for the time being.
The SPY spread is in good shape and the Citigroup (C) spread looks great. The Sirius Satellite (SIRI)spread is also okay for right now. I rolled out my BBH position and it looks as though it may be time to sell some shorter-term calls against those LEAPS.
I would expect that volume will begin to diminish as the week wears on approaching the holiday.
I hope your holiday preparations are nearly complete and that you have a very enjoyable weekend.
Bill
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