Seeking Alpha
  • Mercy Jimenez
    Trimmed another bloc of gains on SLW @ 30.16; feeding frenzy still chasing it up; I'll add more back when it gets back to $26-27
    8/8/12
    Reply (15)
    • jdub2788: nicely done. have you seen the premium spread on physical silver/gold vs "paper"? It's like 20% easy, even on auction.
      8/8/12
    • Mercy Jimenez: Yes jdub + those spreads so subject to manipulation IMO; I find streamers (SSL:CA and SLW) safer bets; but I never let big gains run 2 long
      8/8/12
    • TRHanson: if you think SLW is going back to 26-27, SEP 29/27 bear put spread for 0.58
      8/8/12
    • Mercy Jimenez: Thx TRH; SLW hit $42 +returned to $23 so may again; I generally bypass options; favor trading pre/aftermkt w/ no expir -- anytime I want
      8/8/12
    • Mercy Jimenez: So playing without margin; holding core and adding trading blocs of SLW when the price is right makes sense for me; thanks again.
      8/8/12
    • neobliviscar: MJ, glad you are making money in Silver. I am eternal Silverbug, but its worst position YTD. Even with options to offset, not breakeven yet.
      8/8/12
    • Mercy Jimenez: Well I only play PM streamers; a little less manipulation; CFTC Chilton admits "devious efforts" on silver prices but not much action yet
      8/8/12
    • Mercy Jimenez: http://bloom.bg/S2Sldi
      8/8/12
    • Mercy Jimenez: Neo, what are your thoughts on BMY -- lots of selling right now.
      8/8/12
    • neobliviscar: I'd missed that. Got caught up on buying back in MCD today. I'm more of a shotgun trading: I am and shoot a basket of 20 to 30 stocks for..
      8/8/12
    • neobliviscar: 2 to 3 months. I don't blink at buying too high until 5% below my buy. I figured BMY a buy at $30 to $31 and decided to buy in now in $32 w/
      8/8/12
    • neobliviscar: options covered call to generate a certain % over the 2 to 3 months. Not sure if it is something to do with the Amylin buy today, but I am
      8/8/12
    • neobliviscar: thinking to buy another 1000 here at $32. Institutes and Funds seem to be overdoing the liquidate defensive stocks for Risk-ons.
      8/8/12
    • Mercy Jimenez: Yes, I have a partial fill also so am watching; what U say makes sense; thx.
      8/8/12
    • neobliviscar: Added +1k. If we get back to 32.3-32.5, I will sell the $33 calls. Collect premium, dividend, & confidence in $33 to $34.5 next few months.
      8/8/12