Afterhours all three of these companies reported earnings and it looks are going to cause a nice drop tomorrow morning. This is good for me since I added to my shorts. I wish I didn’t get rid of the intraday QID position today.

I forgot to mention that I dumped PWAV taking about a 1% gain this morning. Forgot to add that to the post earlier today.

I did manage to sell the CVX calls for a 5% gain. CVX made a nice push into the close and closed out on its highs.

ACI and BTU had huge bounces. Although I sold my coal stock call options for a1 day gain in the low 30% range they went as high as 60% for BTU and 50% for ACI as they both closed out very very strong.

I own CPSL, LLNW, BRCM, BRCM Aug 30 calls, VCLK Aug 10 calls (bought at the close), and am short the indexes with leveraged funds in the NDX and RUT. I’m at a half position there. So not heavy, but definitely not lite. The point is the big money is positioned short and it looks like the market will be don tomorrow.

On Friday I said, “I flipped to a small index SHORT position today. I know we have AAPL and a host of other earnings next week - I don’t care. We got a big clue from MSFT and GOOG. On any early week up movement I’ll short the shit out of it.”

If you like this post, check these out too

• July 18, 2008 -- Thanks For The 43 Points Nasdaq, Cya Next Week
• July 22, 2008 -- I Got Smoked Today!
• July 21, 2008 -- Sold the ACI and BTU Calls For Gains
• January 23, 2008 -- What Worked Today 1232008

Thanks for reading

Want to know when I post again? Subscribe to the StockRake feed: .