• eabyrd
    $F seems to be putting in a triple bottom on its' daily chart at the $10 level.
    6/27/12
    Reply (32)
    • Bret Kenwell: noticed this yesterday as well. was watching for a close above 10, which it did. Hold this level VERY well as the past has shown.
      6/27/12
    • eabyrd: Think the continued pressures from China and Europe will pressure it lower? That would be my biggest fear if stepping in here..
      6/27/12
    • Bret Kenwell: my thought is that 10 has held great right? rally up to 10.50 isn't hysterically out of the cards. But a significant break and close below
      6/27/12
    • Bret Kenwell: the 10 handle would signal you to cut it. I am long the Aug. $9 calls. High delta (82) and looking to run it up over 10.50. a break lower
      6/27/12
    • Bret Kenwell: and failure to close over 10 and I will cut it quickly. Thoughts?
      6/27/12
    • eabyrd: Spot on. Thought about going long with a stop around 9.80-9.90. Even $GM seems to be getting a soft floor around $20.
      6/27/12
    • Bret Kenwell: That's my plan. Triple bottom. 10 held well so far. If it breaks, cut it. If not, it bounces and we're out! :)
      6/27/12
    • Bret Kenwell: Hey FWIW, market getting smacked today. Ford is neutral/slightly positive. still holding that ten mark, if you wanted to know !
      6/28/12
    • eabyrd: Thanks man! I haven't checked on it yet, so appreciate the heads up!
      6/28/12
    • Bret Kenwell: not a problem. Can get busy at the open ! :)
      6/28/12
    • eabyrd: Bad news for $F! $9.75 ah.
      6/28/12
    • Bret Kenwell: sigh. $hit happens. Just part of the game.
      6/28/12
    • eabyrd: Amen. Just passing the word.
      6/28/12
    • Bret Kenwell: Appreciate it. Actually left around the close, came back after a few hours of fishing and saw your post. So really do appreciate it.
      6/29/12
    • Bret Kenwell: Right now that rip in the futures is saving poor old F. If stocks were down 100+ points F would be down with it. Might use strength to dump.
      6/29/12
    • eabyrd: Spot on. Any thoughts on this Euro "deal?" I grabbed a little UVXY into the close yesterday... who would of thunk the Euro makes "progress."
      6/29/12
    • eabyrd: Looks like it's shaping up to be a quick loss, but that's alright. I see no reason to think this is a real solution.. just more of the same
      6/29/12
    • Bret Kenwell: UVXY. I actually didn't get a fill on it and had some issues getting in ACHI. Lucky I suppose. But UVXY will eventually go back up (we assume)
      6/29/12
    • Bret Kenwell: are you planning on holding? and F. I want to keep it long, I just don't think I will. Any bad day and F will take it in the shorts.
      6/29/12
    • eabyrd: Yea, will probably use covered calls to subsidize the loss in UVXY. Things are far from "fixed" or "over," but short term pain assured...
      6/29/12
    • eabyrd: $F may actually be a decent short on strength.. I don't see how it really breaks out with the news yesterday.
      6/29/12
    • Bret Kenwell: Yes. I'm sure we rally on this for a a little while. I like the trade weekly QQQ options SO will dump those this morning. I don't think we
      6/29/12
    • Bret Kenwell: deserve to rally, but we likely will. If F can close over 10, I will stay long. I just thought last night F wouldn't be close to 10.
      6/29/12
    • Bret Kenwell: and UVXY options are nice. Nice because how much IV is in them. makes them expensive. What's your cost basis if you don't mind me asking?
      6/29/12
    • eabyrd: Have some shares at $12 and more at $11.35 (yesterday at the close).. cost basis is around $11.65.
      6/29/12
    • Bret Kenwell: eabyrd, NOT telling you what to do. You know your position better than I; but I don't write covered calls to a less than breakeven position
      6/29/12
    • Bret Kenwell: meaning at 11.65, the lowest call strike I would sell is 12. FWIW. That's just me
      6/29/12
    • eabyrd: Exactly... If I get called away, I want a profit in the process. :)
      6/29/12
    • Bret Kenwell: Precisely my thought !
      6/29/12
    • eabyrd: Considering all the massive sell volume here at the open, I may just hold on and wait for the inevitable return of fear.
      6/29/12
    • eabyrd: Sell volume on SPX, etc, not UVXY. It's already been sold off...lol.
      6/29/12
    • Bret Kenwell: it's never to far away!
      6/29/12