Thursday, January 18, 2007

Fascinating Lunch Today

With an veteran IBMer. It will be interesting to see how earnings flesh out today. He was less than upbeat is all I will say. I have no stake in IBM, or anything related to it. I do find it intriguing that volatilities are as high as they are in the Jan100 calls and the 95 puts.

Crude... Those DOE figures were damaging to the bull camp and seemed to take the wind out of the gold bulls. I had no choice but to dump out of gold futures after those DOE figures this morning as gold moved off the highs and go short in crude again. Nothing really has happened since in crude since the bounce off of $49.90.. now back above $50. There's a clear trading pattern to crude and it will come back to retest and go below $49.90 unless more things blow up in Kuwait or elsewhere.

Gold has slid back below $630 again. Fine, this just gives another cheaper re-entry point into gold futures.

I've mentioned the Pfizer options activity recently... again very busy in the February calls.

I have exited my Adobe January 40 puts... entry was at .45, exit at $1.40.

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