Wednesday, September 10, 2008

Buy FDX (sell puts)

Buy FDX via selling the Sep 75 puts

Fed Ex out with good earnings. I am still mostly in "chicken" mode, so am selling the puts 12 points out for a small premium, trading off the lower risk for the lower return.

Positions: long BUD, FDX. Short USO

Elsewhere, oil continues to lead most commodities lower. Given the price action, I keep looking for signs of a panic bottom, but it doesn't seem close in time. As long as newbies continue to step up and buy precious metals, odds favor lower prices.

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