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Real Rally?

|Includes:Bank of America Corporation (BAC), EUO, JPM, MS, OREX, SPXS

I'm little bit skepical about this rally, today on MarketWatch one of the writers pointed out that he thinks that the only reason why the market is having a really is because Goldman Sachs up graded all the financial stock. Boosted the financial stock up. Financial stocks were the best performing in the past week. i think that goldman holds too much Finance stocks and want to hold their own stock price up so the Bosses can sell their stock at a great price.
I would load up on BAC, MS, JPM put options and short the calls not this week but for next week. Here is some of my ideas.
BAC December 11 Call and 12 put, Sell a 11 call and buy a 12 put.
MS December 25 Call and 26 Put. Sell a 25 call and buy a 26 put.
JPM December 38 Call and 340 Put. Sell a 38 calls and buy 2 39 puts and a 37 put to max your return.
I could be very wrong and this trade would go sour in a very short amount of time. Becareful about these trades. I would see how the market opens tomorrow to see when is the right time to do the straddle, if the Dow can't break the 11,400ish mark then i would take a chance and do this straddle. 11,400 is where the last time high was.

BGZ took another beating today, as the Russell 1000 went up 1%, BGZ is down 4%. Now BGZ is way below the support at 9.80, as it hit a new 52 wk low of 9.60 as of 7 PM. This stock can go as low as 9.40.
Don't forget that the Euro still havent recovered and spain and Italy haven't got their "bail out" yet. The Euro haven't even started its recovery. in the early November the Euro was trading at as high as 1 Euro=1.42 USD. now Its at 1.32 that is almost a 10% gap between them, while the Dow is only 90 points away from the early November Highs. EUO is still a good ETF to hold in your portfoilio. Euro maybe shoot up to 1.34ish mark, but Santa is going to fill every investor's sock with coal and nails.

Orexigen is coming out with the new Diet Drug, and on the 7th the FDA Panel is gonna review the drug. Options were traded like hot coals today. the premium for a December 11 Call is 50 cents per share. People Must have very goo faith in this new drug.
I think that the FDA is going to approve the Diet drug, because its a mixure of 2 FDA Approved drug. But there is the side effect of Seizures.
Holding on to the stock could be very dangerous, so sell 2 December 8 Calls and buy a 5 Dollar put would the best way to play this stock. If the stock does pop you have 2 weeks to either buy the stock and hope that it goes up to 8 dollars or hope that the stock doesn't go up to 8 and the option would just expire. If the stock tanks because FDA wouldn't approve the drug, then you would of collected a good premium and you 5 dollar put call would be worth a lot of money.

Tracker on my Picks.
EUO is down 1.4% today.

Disclosure: Long on EUO, NO position on BAC, JPM, MS, BGZ, EUO, or any of the options mentioned.