Tuesday, July 14, 2009

Nothing relevant

Hey guys, I've been out of town for the last five days and haven't really followed the markets. Looks like there are quite a few posts I've missed. I'm going to try and catch up on Wednesday. I think I'm pretty much sitting tight through expiration in August. I've got long call spreads in place on JPM, MET, and XLE, and I own in-the-money puts on the SPY to hedge against it. I would love to take a run at S&P 1000 and cash out. If we fall below the high 880's then I'm hedged but not heavily. If we take a big dump I'll still lose. I don't have a strong feel for this market. I don't see a sustained upside, but the big correction just doesn't seem to materialize either. Rather than try to predict I'll just sit back and wait for a better time where it seems more obvious. I don't anticipate looking for a job until summer of 2010 so I need $30,000 to get by until then. I've got that much in time premium that will expire on my call spreads so I'm just looking to hedge those positions and buy myself some time until I can figure out exactly what I want to do.

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