The puts I sold yesterday turned out to be a good investment. I may have jumped a gun a bit ahead of tomorrow's action when Bush announces the big give-away for the woe-is-me folks who got snookered into the zero down ARMs that are now ratcheting upwards of 10%, but I'll let Cucca vent on that one, although I share his view completely. . .enough said.
The Qs opened at R2 and vaguely touched the R4 stratosphere before a minor retracement into the close. Afterhours the Qs are rubbing 52, so we'll likely see carry through tomorrow. Wednesday is typically a pivot high day, but with all the event driven moves lately and the current momentum distinctly up, I'm opting for closing the sold put gap by selling even more, which isn't a practice I commonly follow (selling puts into a rising market). I'm also short some 53 calls (down .07) at the moment and will look to vacate that position on a decent pullback with the goal of re-entering at a better price. If we don't get a pullback, I'm considering selling the 50 puts to create a delta neutral position. The only cloud on today's action was volume, which was not profoundly bullish.