10 March 2009

Is This The I Wish I...Rally?

...closed all my shorts yesterday rally? S&P futures up 14 as I type and one thought has to pass through your head. Is this the rally that holds and flushes all the late shorts out of the market. I've been trying to position for this type of scenario for a week and it has not been easy. Luckily, the stocks I have been hiding in...BIDU, VRSN and CME have been offering nice scalps and relatively painless overnight holding. I tried to play some FAS calls as well but had to dump them as rational fear overcame greed.
I did dump my VRSN holding into yesterday's opening spike as it closed the gap from last Thurday morning at $20.70 offering a nice .80 for the whole stake. At this point I am long CME March $190 calls and $BIDU March $160s. So if this is a melt up 350+ on the DOW type day, I will be whistling "Dixie" and doing a little celebrating tonight.
Let's see what happens...
Long BIDU March $160 calls ($6.50)
Long CME March $190 calls ($4.65)

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