Best Buy (BBY) made a new 52 week low today. Starbucks (SBUX) is finally coming down to earth, trading around $36-$37 area. I made a few moves to my portfolio over the past few trading days:
- -750 SBUX at $32.88
- -400 BBY at $36.49
- 5 BBY Jan 2012 $40 puts at $9.00
- 5 SBUX Jan 2012 $45 puts at $9.30
- 150 SLV at $38.57
- 6 SLV Jan 2012 $30 Calls $6.99
- -500 UNG at $9.23
Actually, I guess I just made one move, and that was the sell the rest of my WMT calls. I think I lost a little over $600 on the trade. The above is what I’m currently holding.
I don’t know where the market is headed from here, but I do know what I’m feeling right now. All I want to do is cover my shorts, and sell my longs, and book my gains, so that I can say that I’m at my all time highs. The fact that I want to do this means that we’re not done on the downside just yet.
I’m gonna sit tight here. If anything, I’m going to lighten my load on my SLV position. I’m holding 6 Jan 2012 $30 calls right now, and 150 shares of the ETF. I think we may have a short term blip in the markets to the upside from here, but I do think that we’ll get a cleanout to the downside before some real relief.
