The longer QE continues, the worse the drop will be. The bond market will do the work for the Fed. Also, when the Fed won't taper because of a weak economy, it means the magic of QE is gone and the market will do what tapering would do and more.
On the dip I did close out my January put position though. On the CRM early afternoon rally I added to my November puts instead (at at a higher strike price).
Does anyone remember if the CRM December options traded last week or if they just started trading on Monday of this week?
IBD posted an article about the two hot IPO's today and how there will be many other IPO's between now and year's end, in addition to all the other IPO's earlier this year. I receive several e-mails a week about opportunities to participate in IPO's. Of course the hottest IPO's aren't offered to the public. BTW, we were offered the FB IPO, but turned it down. Since people who get IPO allowances through this firm are supposed to hold an IPO for at least 90 days or possibly not be given IPO opportunities again, being in on the FB IPO would have been especially bad and it could be bought far lower and without being locked in by the firm's IPO rules.
The point I am writing about is there has been a tremendous increase in IPO's offered during the past few months. Perhaps some had been held back because of the FB IPO fiasco. Nevertheless, the rapidly increasing supply of stock may follow prior times when such increases in supply depressed the entire market or at least tech, etc..
Might the avalanche of IPO's signal short term market declines?
There's another pump piece under Summary. The fact remains that CRM had a reversal day and did end the day under 53.
I did buy the October and January 55's yesterday and I did close them out today. I'm retaining the 52.5 puts I bought early this morning for two different dates. I'm a real investor/trader, not even lamenting that closed out my RIMM position before RIMM became BBRY, but at least I became negative on RIMM near its highs and traded it several times as it came down significantly, as CRM will do (though likely not to the place where BBRY is now).
To "Cybercash," listing that you bought many of the 50 puts omitted the dates of those "out of the money" puts.
I just closed out some far-dated 55 puts I just opened yesterday. That was a small part of my put and shorted position. Because of the size of my CRM position, I chose to close out a little of my position. The trend of CRM is down, IMHO. The reversal date I said might happen two days ago may be happening today. I haven't checked the volume, but the stock price went positive and then turned negative.