This Baidu means war.Started the China Campaign today right at the close.Shorted one minute before close at $522.89.Expect this to be a long drawn out campaign.Will continue shorting every five point move up and prepared to lose $30K (part of all gains from shorting the March 460, 480, 500 and 520 puts).May the best man win!!!!!
"Shorted" AGAIN at $524.31 after covering yesterday at $516.11.Closed out today the short March 360 (11 contracts) and 370 puts (10), one for a nickle and the other a dime. They cannot get any lower with 2 weeks left.The short March 460, 470, 480, 500, 510, and 520 puts are next to go.Only the March 510 and 520 lizards are a bit of a concern.
Closed out yesterday's short sale ($524.11) today at $521.28.Market over-reacted to the "unemployment" report and expect the market to be in the doldrums next week.The short March 510 and 520 puts are still in jeopardy and may close out these 2 lizards before option expiration.
Closed the two "short" positions today at $516.11.Netted $7+ from yesterday and $6+ from Monday (chump change).What a waste of time watching this POS move up and down today.Waiting to see all the "shorted" March puts evaporate into thin air on March 19, 2010.The only ones in doubt are the March 510 and 520 lizards.
"Shorted" Baidu today at $523.89 and in effect, doubling my short position.Onwards in the campaign march towards the capital to snuff out this dragon.Also bought to cover 10 of the March 420 puts for half a buck (45 left). Sold these puts last year for an average of $55.Only bought these puts back to BOOST the daily cash buying power!!!
Welcome to the BIDU Bashing Camp. As a member, you are entitled to leave your hard earned bucks in the pockets of those who simply follow Goldman Sachs & other big HFs. BIDU still has at least another 20% upside potential.You are a brave fellow.
Also "Shorted" a truckload of the March 420 puts back in October 2009 (average price $55).Sweated out 2 earnings report (one BAD and the other CRAZY).Currently these puts are trading for 50 cents each.Facing a HEFTY tax gain in 2010 of over $200K!!!!