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pederson16

Captain

Joined: Oct, 2006

Posts: 7215

Posted: Feb. 1, 2011 - 1:17 PM ET #1

I really don't think the market can't sustain this level right now. Despite the momentous rally that we have seen for the past 3 months or so in the indices, i'm looking for a top here and think we get a correction coming. if further instability occurs in the africa/middle east region we could see a precipidous drop, atleast i'm banking on it.

just bought 500 shares of VIXY @ just above $65

and

5 March 16th $20 calls on the VIX at $1.85 per

anyone else on either of these tradeS?

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pederson16

Captain

Joined: Oct, 2006

Posts: 7215

Posted: Feb. 1, 2011 - 1:18 PM ET #2

*I really don't think the market can sustain this level right now

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captjohn67

Banned

Joined: Apr, 2008

Posts: 12821

Posted: Feb. 1, 2011 - 2:03 PM ET #3

Quote Originally Posted by pederson16:

*I really don't think the market can sustain this level right now

i agree. I have been riding the train on the way up, but am now sitting cash. Still debating to be honest with you.

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pederson16

Captain

Joined: Oct, 2006

Posts: 7215

Posted: Feb. 1, 2011 - 2:43 PM ET #4

well, so far so good, got in at 65.43 and its at 66.41 so not bad for an hour and a half holding so far ... let's hope for some news

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pederson16

Captain

Joined: Oct, 2006

Posts: 7215

Posted: Feb. 1, 2011 - 2:44 PM ET #5

Quote Originally Posted by captjohn67:

i agree. I have been riding the train on the way up, but am now sitting cash. Still debating to be honest with you.

im about 75% cash now,....had a crapload of AGQ/SLV/GLD/OIL and a lot of the energy plays like BP, SU, etc and sold out yesterday of everything... hoping i sold out near the top today and we see a 5-10% correction

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nc1capper

MVP

Joined: Aug, 2007

Posts: 16348

Posted: Feb. 1, 2011 - 3:27 PM ET #6

blue chipper IBM is on fire

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ogmike

Veteran

Joined: Jul, 2002

Posts: 2947

Posted: Feb. 1, 2011 - 4:00 PM ET #7

Oil plays were, are, and will continue to be the way to go.

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pederson16

Captain

Joined: Oct, 2006

Posts: 7215

Posted: Feb. 1, 2011 - 4:23 PM ET #8

yes ibm is on fire....got a client that i happened to talk to today who worked there 30 years and has a little over 3k shares...nice little piece from the esop plan

and yes, oil will continue...my vix play is also relatively closely aligned to commodities considering the market drops precipidously then commodities and the vix will rise.

agreed

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