Got long some call spreads today 195/210. just a hedge against larger short position in PCLN and Russell 2k. We may get a bounce on LVS earnings if WYNN doesn;t report this week. just a little insurance on big short profits last couple weeks.
Puts are looking super-pricey, but calls aren't much cheaper. Tempted to stand up a synthetic long here (sell a near-money Put and use it to buy a similar priced Call, getting into the position for as close to net zero cost as possible; it uses margin but not debt or cash).
Sold this morning for 60 cents. Bought them for 20 a few weeks ago, so I'll take the triple. They went up from .55 on Friday even though the stock was slightly up. Bought more way out of the money so I won't have to feel too bad if it crashes through the floor in a full-on stock market crash (which I think is pretty likely in the next month).
I'm going to make a flat statement that we'll never see 160, barring some massive financial-market upheaval or international belligerence. Certainly it's not warranted under current market conditions. Wynn and casinos aren't the only players marking this downdraft, and IMO it's all but closed out. Churn for a little, maybe some debt-ceiling shpilkes, then we're back to collecting as people realize that Macau and Vegas are still there and still a lot of fun.
Thanks for the input. I know it's unlikely to see 160, but I bought these on Jan 13 and they more than doubled today. If it drops on Monday they'll go up more. If it bounces, I'm out of luck. Too many times I've watched myself take a small gain and miss a huge one. Back in 2008, I had a bunch of puts on things and sold before they got into the money then watched as the crash would have made me 10 to 30 times more than my small gains in just a few additional days.