Trade Alert – Buying puts on Balloon Fiesta Weekend
Watch this video of “Albuquerque Balloon Fiesta 2012 | Time Lapse“. Remind you of anything? The balloons be stock prices all inflating and floating into the sky in the current stock market bubble.
Tense week on the Street, glad it’s almost over. But still 15% of the trading week to go. I am going to add a tiny out of the money put position in two of the stocks I mentioned yesterday — $PCLN and $TSLA. For PCLN, I’m using the November puts with $950-970 strikes. For TSLA, I’m using the November puts with $150-160 strikes.
This will help me further hedge the overall net long positioning of the portfolio with these tiny put positions that large upside potential of these stocks pullback like I’m expecting them to here. If they don’t give us the big pullback, I expect that we’ll outperform on the upside with our individual stock pick longs.
