07 February 2007

Buying Some Protection

Naz futures fail at last weeks resistance in the 1813 area and I bought some QQQOR's (March $44 puts) @ .70 bucks for what I hope will be a few weeks...I've been in these before only to take some small losses and with Febuary expiration looming next week, I think real upside is limited here...but I've thought that before and been totally wrong...
Back to the markets...
GS, AAPL, SMH and the hommies all green...with GOOG and NYX to the red...advance/decline positive on the Naz and the NYSE with up/down volume 3 to 1 green on the Naz and just positive on the big board.
Euro firming nicely with Gold up $1.50 and bonds also rallying...
We'll have to see if this rebound off the lows holds here or is sold...I expect some more movement before lunch...jfg.

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