Weekly Recap

My head hurts. What a week. Nothing seemed easy this week. Considering that the market took a hit this week, I guess that I should be happy that I broke about even for the week, however, I do have the feeling that some of my stocks are getting a little tired.

After being stressed out most of the week about a huge oversize option put position in TIE, I covered so that I could sleep figuring that I still had a few days before the company reported. Just a few hours after I covered, the company reported a huge miss. I missed a five bagger. It is still killing me.

Anyway, I am now long TIE with a small position. Huh? Yeah, I know, they just miss and I jump in! I did this because I really liked the support and price action and I can't help but think that a number of institutions knew Q3 was going to be a miss and it was partially baked in. TIE didn't fall as much as ATI when it warned and TIE's miss was much bigger. This long position may be taken off the table after research this weekend, but I wanted to establish a marker and that is really all I have done for now.

Now on to some disappointment. ROCM is going to be the death of me. This week, I added again and again (yesterday and today) and sometimes felt that I was alone defending this pup. Earnings are expected on November 15th and past history suggests that a run-up happens prior to earnings. This is now a huge position for my portfolio and it has put me well into margin.

Then there is GRMN. Waiting to dip my toe for more has paid off as GRMN sold off this week after reporting great earnings, but also announcing a potential acquisition of Tele Atlas. The Street is worried about a price war for Tele Atlas with Tom Tom and the potential for debt load. They hate uncertainty and the stock price is suffering. I expect this to all happen pretty fast and Tom Tom will have to counter Garmin's offer by early next week so we should know fairly quickly. I finally bought some more calls today (I also bought a little on Wednesday and then held off for a bottom) and the stock tests an old low set a month ago. A nice double bottom would do very nicely.

Finally, there are some odds and ends. I exited CYT. I wasn't committed to this stock and it was time to get serious when the market fell out of bed yesterday morning. I also sold my NVDA calls and half my NVDA stock this week. It has had a good run and I wanted the cash for ROCM.

More this weekend. Hope everybody gets well rested for Monday.