The cheeky SPX option purchase that Macro Man wrote about this morning has not had time to get executed yet, and it's already threatening the stop loss level. Macro Man will therefore adjust the parameters slightly; he'll still buy 100 March 1375's on the open, but will lower the stop level on the trade to 1250 on the cash index.
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Click here for commentsCheck out the Tsy long bond. Amazing drop in yield. Long and deep recession envisaged? Or eternal cuts?
ReplyMight want to wait on that, MM, until after Little Ben pulls 16 billion out of the market tomorrow.
ReplyFrom a certain perspective, this is hilarious. Worldwide markets crashing while Little Ben tinkers away at his science project.
What's interesting is that Chris Dodd has finally suggeted what will ultimately be the outcome in the US- a government-funded turd-buyer to take all the crap off banks' balance sheets.
ReplyIt wont necessarily do much for housing, but it could stop some of the carnage in the banks. He might need need to add a zero or two to the suggested sum, however...
Excellent call on the SPX calls.
ReplyThanks, though obviously I wish I'd done more. I suppose that's easy to say now, after a 60 point intraday rally..
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