Trade Alert: Buying Spy calls, Google and First Solar
Stocks crashing, DJIA -345 at 15972, Nazz officially in correction territory. Many stocks like INTC down 5-10%.
Remember when we were trimming our favorites at all-time highs over the last few weeks? Remember how many names like Ciena and Juniper and JDSU and others that I removed from the portfolio as we steadily raised cash while we could rather than when we have to?
Yesterday I wrote:
“Ideally, we’d like to see the markets continue to spike and crash intraday and head another 5% or so lower in the next couple weeks. Then we’d want to see the markets start to balance out and baseline for a few days as it settles in and the weak-handed longs sell out of their stocks in fear. And if we’ve done it right in the next few weeks, we’ll have put some of the money we raised by trimming stocks at much higher levels back into our stocks slowly but surely.
That’s the most likely playbook for the near-term. Obviously, we’ll take the signals and make the trades as the come though.”
With the markets down 2% across the board this morning, it’s time for another fresh round of tranche buying of a little more GOOG and FSLR common stocks and I’m also going to add a couple call options on the SPY here — buying the calls with a strike price of $186 from November 2014.
