I closed out my naked puts in NSC, BMY, T and CTL today. All were bought back for pennies on the dollar except CTL that was bought back for 50 cents on the dollar. The DOW crossed 9,000 today and I just don't see why.
I am booking these profits to have capital available for a pullback. I am not seeing the economic recovery that everybody is talkiing about. I see banks not lending, I see people with credit card balances that used to be at 6% interest going to 30%, I see people's hours being cut at work (the lucky ones who aren't losing their jobs), I see people who have available credit on their cards having them cancelled by the banks. I see new foreclosures being filed daily at the course. I see banks that are holding houses and not putting them on the market right now (phantom inventory). I see companies issues across the board pay cuts. I see long lines when I drive by the unemployment office. I see the renters eviction court cases at the court house that are 25 pages long each day that used to be 5 pages long. I see stores cutting inventory they carry (go into Lowes, Sam's or Costco and note that there is less product on the shelves). I see companies only beeting estimates because estimates are so low. I see companies with negative growth (even the ones that show increases in earnings are NOT doing it from increased revenue but instead from cost cutting (mainly jobs).
In summary as a country I don't think we can recover from 25 years of sins (over leverage) in just 6 months.....
Monthly Options Expiration Results through May 17th, 2024
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Each month after the monthly options expiration date, this summary report
provides the results on all positions that have been closed out during the
past m...
14 hours ago
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