I was about to write this post and blogger asks me if I want to type in Hindu. Wth? Great to know that bloggers has Hindu fonts but I don't think you wanna read this in Hindu.
Anyways, three biggies:
-Lots of volatility in the market although it's this is not usual before announcements of Fed
-Crude falls to 72.06
-Gasoline futures fall, due to no worries in supply.
Although the volatilities in ETFs were in the upper percentiles, there was still little room to play so I decided to scalp some QQQQ options.
Entry:Buy 100 ,QQQHV, QQQQ AUG 48 Call at 0.66
Execution stamp: 8/6/2007 3:44:34 PM
Exit: Sell 100 QQQHV, QQQQ AUG 48 Call at 0.73
Execution stamp:8/6/2007 3:57:46 PM
I made 399.68 $ on this little scalp trade. So I have lunch money for tomorrow. lol.
My take on the Fed's announcement:
Bernie boy won't increase rates, he will probably reassure his confidence in the economy.
The funniest thing I heard today:
One guy on CNBC asked: "So who is responsible for the subprime fall out?" The other guy said "Bernanke!".
Right, so we finally have our scapegoat. After all Greenspan is not around, so let's blame Bernie boy, and this is not a problem that developed in a couple of months, the subprime problem has existed since the 1990s and it has been ignored. Sort of the like a troubled child.