We got a leader breaking out...
We got the semis breaking the negativity...
We got positive talk from the industrials yesterday.
If a systemic bank risk is taken off the table, this market is itching to fly.
Hopefully there is consolidation here, then we move up after we get more clarity from EU. But this is how I am playing it:
1. closed out my SPY put protection, and added to the FXE puts
2. eased up on a few QCOM and IBM as I closed out protection, but not what I normally would have. (ie covered 3 QCOM call options, and 1 IBM call. Currently have 7 IBM and 2 QCOM.)
Normally, I would have been lower on my IBM, but want to be exposed to upside in case a consolidation does not take place. (Will chip away at it near 170.) My trigger finger is itchy, and I will re-enter QCOM on any decline. (If that means intra day, so be it. Unfortunately I was not at my desk this morning, so I could not take advantage.)
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