PALM

In the last 4 weeks Palm has been going up from $2 to $7.91 with most of that in the last week and a half. With this last surge, volume increased exponentially.
The mark is at $7.91 today’s close. The 1-yr high (Aug ’08) is about $8.50, almost where today’s high was.
This looks like a good opportunity to buy some Puts.
I put in an order for Feb09 7.5 Put for $1.05
There is a minor support at 5.25 (down 2.66) and it could also close the recent gap going to 4.45 (down 3.46).
Puts that are 2.50 ITM are $2.75 and those 5.00 ITM are $5.10

Exits:
Sell if Put @ $2.75 or $0.45

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QID

I sold a call spread today on the QID.
Feb09 50/47 Put @ $0.71
It has not closed below 51 in last 3 months. Yesterday was a higher high. Today was an up day on the QQQQ so the QID was down. This is a 3 day weekend for the market with MLK day so 3 day's time decay.

I expect the QQQQ to be up for the next week with the Inauguration then come back down.

Exit:
Buy back @ $0.31

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Profit on QID

The QID call that I bought yesterday for $6.40 hit the limit order 10 minutes into trading this morning. That was pretty much the high of the day. So I made a nice profit of $0.90 on the call.

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Directional on QID

Yesterday I bought a Feb09 60 Call on QID for $6.40
It is currently at $6.75 and I have a sell order in at $7.30
The QQQQ has a bit more to go before hitting a support but the QID is closer to resistance.

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Iron condor unfilled

Still being cautious about doing iron condors, I kept my order in at $0.50
The mark stayed down at $0.41-0.43
I didn't feel comfortable lowering my order to that so it never filled.

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Time for iron condors again?

Lately I have been trying to make bearish trades and the market has been going up in the short-term. I do not feel confident in this trends continuing long enough to even put on a short-term bullish trade.
The RUT & IWM look like they have been going more sideways for the last 3 months. So perhaps Iron Condors will work again.
I am putting in a very small order for the morning for IWM ICs with a $3 spread on each wing for $0.50 credit.
IWM FEB09 56C/59C/37P/34P $0.50 credit

Max Loss Exit if $1.00 to close.

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