[Weekend Summary]
Dear Member:
I can't say much about the resilience of the market but wow. I really expected a retracement by now, but it keeps on chugging. I do urge serious caution since it can turn at any time and when it does, my guess is that there will be a pretty swift drop short term.
I tried to take advantage of the direction by selling some shorter term puts against my Sept 44 puts on QQQQ. That served to bring in $0.44 a share on the Jun 45 expiration.
I was able to close the Sandisk (SNDK) spread for a gain, before commission of 18.9% in just 6 days.
I opened a spread on Yahoo (YHOO) today selling the May 32.50 puts and buying the 30s. Later in the day, YHOO dropped back toward earth so I am underwater on the 32.50 leg. Depending on the early trading Monday, I will probably be adjusting that spread.
The spreads on McGraw-Hill (MHP), SPY, and Citigroup (C)are doing fine and required no attention on my part this week.
Sirius Satellite Radio (SIRI) is still languishing, but I own the in the money '09 $2.50 calls so I have no reason to rush into anything yet.
Have a wonderful weekend.
Bill
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