To make sure I follow my own advice I bought some 970.00 puts December in the S&P - for about 8.25/9.00 per contract. My work on the models keep indicating the top should be near or in place - and the objective on the down-side is minimum 930.00.
Tomorrow I will try to validate this objective - but it was expensive Monday back ignoring the first rule of trading - no edge means no positions...... ;-(
There is so much momentum in the market and I was "surprised" to see how the big Private Equity Funds all talk about EXIT from their long positions - some even admitted: "It is doubtful" how long the "window" for IPO's is open - once again I am reminded of the 1999/2000 analogy... but more on this later/tomorrow.
Also bought some 1.5600 Nov. late GBP puts -clearly there was some technical trading in GBP last week, and the incoming data may surprise - but the "rebound" is built on bank bonus' and profit, but the international bankers (and hedge funds) are leaving the UK is steady stream. I am not one for standing in their way...
Hotels: Occupancy Rate up Year-over-Year - From HotelNewsNow.com: STR: US hotel results for week ending 12 August The U.S. hotel industry reported mostly positive year-over-year results in the three...
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