Sell JWN (cover short puts), Aussie banks

I buy back the Nordstrom JWN July 50 puts, equivalent to selling out of a long position. Rule #2 is never let a profit turn into a loss. A big percentage gain if looking at the option position only, a tiny barely measurable gain if looking at the price of 100 shares of Nordstroms stock.

Market looks terrible, even though big name, big cap leaders such as AMZN, AAPL, GOOG, RIMM are still up today. This looks like a case of frustrating the shorts. When the majority of shorts capitulate and cover, these leading stocks will get hammered hard.

Aussie banks look like an interesting play. ANZ, NAB, WBK are three that I am looking at. They are high yielders. The Australian economy benefits greatly from the boom in metal prices. All of them have had a good run, so it isn't like getting in on the ground floor. No options, and light volumes, and often wide spreads are considerable negatives for traders.