I report on SPX, XLF and BAX here: SFO
I was having a discussion with the head trader of the hedge fund I work at today. We were discussing puts used that we had bought to protect a position on the sell off that the market had last week.
By the time I unwound the AAPL trade, AAPL was trading closer to 258 than 261 as it was last night. Even with that, the trade did remarkably well.
AAPL beat earnings expectations by a mile after the bell as I write this the stock is trading over 260 dollars. That is up over 15.00 from the close.
I will write and extended piece this evening in reaction to AAPL earnings. For now, here is a quick update on what’s going on with our positions and a quick commentary.
If you missed my presentation on why calendars are not performing, you can see it here:
Mark Sebastian at the Option
I actually ended up putting together a combo of two trades.
I put these together on Saturday so they won't be perfect with what is happening this morning but they should do the trick.
Before I begin to discuss today's sell off in relation to the Goldman Sachs lawsuit I want to make one thing clear: What I am writing is not a commentary on the level the market is trading at.
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