Phantasmix Stock Blog

New York Magazine

“a splendid desert—a domed and steepled solitude, where the stranger is lonely in the midst of a million of his race.”

Serendipitous encounters between people who know each other well, sort of well, and not at all. People of every type, and with every type of agenda, trying to meet up with others who share that same agenda. An environment that’s alive at all hours, populated by all types, and is, most of the time, pretty safe. What he was saying, really, was that New York had become the Web. Or perhaps more, even: that New York was the Web before the Web was the Web, characterized by the same free-flowing interaction, 24/7 rhythms, subgroups, and demimondes.

Briefly traded KR and C on the long side. Overnight, holding:

Long

• HUN (Huntsman)
• SSO (UltraLong SPX)
• KGC (Kinross Gold) — new addition
• SDS (UltraShort SPX) — new addition

Short

• AAPL (Apple)
• FSLR (First Solar)
• AZO (AutoZone)

I sold my first ever option! 1 contract, covered call on SSO.

Jan’09 with strike $23. Got $4.10 for it, which means I net $212.05 after commission.

Questrade options commissions are $9.95 + $1 per contract.

If SSO is above $23 in January, my shares will be called out. If not – I keep them. I want them to get called out, but won’t worry either way.

That was partly my intention in buying SSO – to try options. Just 100 shares, not expensive, but somewhat liquid.

Bought (SSO: 36.13 -2.22%) afterhours @ $24.87. Very little, 1/4 of my normal SSO position. Mainly as a hedge, to counterbalance my shorts and in case we take a stab at the 50ma on SPX.

Holding 3 shorts and 2 longs, $ ratio about 10:1!

(HUN: 9.48 -3.95%) Huntsman Corporation, long @ $3.01

HUN engages in the manufacture and marketing of differentiated chemical and inorganic chemical products under four segments: Polyurethanes, Materials and Effects, Performance Products, and Pigments.

Special case. Projected target price $8.00 in near term.

The chart:

Click to enlarge