Are we having fun yet? The tape is down again today with more credit crunch news (Citibank this time) dominating the news cycle. Folks that are long the market can hardly breathe.GRMN is giving me fits. I really was planning on $95.27 holding (the last bottom from the sell off a few weeks ago), but the bears pushed the issue. I added GRMN calls today and I feel very like the guy in the photo hanging on with my fingernails. I added Jan110 calls and sold Jan120 calls after readjusting my expectations given the time decay. I just wanted to maximize the delta there.
I also added ANSS like I mentioned I would yesterday. It is a stock that is up against this down market. I sold TIE at open (believing that it is not the best time to implement my pairs trade with RTI - waiting a week for things to settle) and I also sold the last of my NVDA soon after 10 AM when it moved green to finance the ANSS purchase. NVDA is a great company and has been a great stock, but I was planning to sell it by the end of the month anyway and figured GRMN and AAPL had better upside of the three technology plays.
I used NVDA cash to also purchase back into UA. I mistakenly thought that UA would be able to hold the previous low of $53.07, and I am now underwater after buying this morning. But after seeing just about every six year old on the soccer field this weekend wearing a UA turtleneck under their jersey (first cold weekend), I realized that this stock will definitely have upside. Therefore, I am treating this like an investment and not a trade and I will continue to add during this downturn.
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