Wait for the right pitch

Good morning and welcome back to the dishwasher, where you better not forget to put in the detergent.

Let’s talk RIMM first. Sigh. Stock is down today, after another horrid report, and I guess I was wrong to guess that the stock had priced it all in. Mea culpa. The puts are essentially worthless, so I’m moving on and not looking back at this stupid mistake of a trade.

Other than that, it sure seems quiet out there again today. The markets are up, with tech leading the charge. The VIX, as I’d predicted earlier this week when I suggested shorting it or buying puts on it, is down 15% from its recent highs. I think there’s still more near-term downside in there, but I’d take most of the profits on that trade now.

One of the reasons you guys pay for this service is for me to remind you not to force it when the pitches aren’t obvious.  Wait for the pitches you want, they are coming.

The Natural – Home Run Scene