Still Here

Yesterday I picked up some KOG shares and calls. I wish I'd waited a day.

I also bought a bear call (credit) spread on EWZ (Jan $60/58). So far so good with the credit spreads.

SLRC spiked down at the open this morning and kicked me out. +4.7% including the special dividend.

Credit Spreads

I'm dabbling with credit spreads now.

First there's a bull put spread for UNG, Jan $15/17. I feel pretty good about this one.

Then there's a bear call spread for EEM, Jan $46/45. I feel like I'm going against the current here, and there is probably a fair amount of fiscal cliff resolution risk (FCRR), but still a 0.22 delta with a good return on risked moolah ... and I did take a smaller position.

Let's see what happens ...

Ringing Sound?

That would be me ringing the cash register.

CRZO spiked up on an upgrade before drifting into my 2% trailing stop. +7.0% on the stock, +13.8% on calls.

DDD had great day. I sold the rest of my calls, perhaps a little early in the day. +65.7% will have to do. I also sold the last of my NVDA calls, +26.2%.

SNCR had been looking a little toppy so I closed out those calls too, +41.1%.

I should mention that GALE was a little off today ... to say the least.

JAZZ

I bought JAZZ calls on speculation that the double bounce off of $50 could be a reversal. Throw in a forward P/E under 12, great earnings growth, huge sales growth, 31% net margin and institutional buying, how can I say no?

Coming Attractions?

The market gave up again today. AAPL hit $506 again. I guess I'm not surprised, especially since I have the 401(k) and 403(b) money parked.

I finally put a tight stop on all of my ARR shares after some talk about NLY got me spooked. It sold. I have a low-ball limit buy order in place should it spike down significantly. I took a small loss on most of my shares, but the dividends get me back around even.

From Table to Pocket

I took a little money off the table today when I sold half my NVDA calls and two-thirds of my DDD calls, +33.1% and +30.0% respectively.

I hate to take money out of positions likely to rebound on a fiscal cliff resolution, but then I don't want to be too exposed while the political quagmire threatens our economy with each passing day. Too bad the politicians can't seize the opportunity to make changes that would profoundly improve our country's fiscal well-being.

My short term trading strategy? Take each day (or hour) as it comes. Seize opportunities, limit risk, and be as wishy-washy and flip-floppy with my sentiments as necessary to get through this month.

Good Luck!

Update

I shorted MPWR with puts yesterday with a light position only because of its chart (technicals). It was on my watchlist as a buy but just isn't a compelling buy now that it has run 20%.

Otherwise, stock SMS and calls DDD, NVDA, and SNCR are doing well.

MLNX will hopefully continue to work its way back up.

HAIN and GALE are underwater, CRZO, REGN, and SLRC are about even. I'm waiting for SLRC to go ex-divided next week then I'll probably let it go.