Death to financials part deuce

Well I'm glad I stuck to my financial puts and didn't get out during the short cover rally. The only concern is how long to hold these puts? The news headlines are definitely in my favor for FNM as one former federal reserve president said it is insolvent. It is funny when you type in FNM in google and it pulls up a band called "Faith No More" which I think exactly what the market feels about Fannie Mae right now.

Even more ridiculous is WB that was upgraded yesterday by MER. I should just get a put on MER for that comment. It was down the day they announce their upgrade yesterday and is down today premarket 9%.

I currently have financial puts in: HBC. I sold my WB, FNM put around market open. I still have my GOOG puts I'm hoping AAPL will put them down with them after announcement of 3G.

A fight takes place

The market is up about 75 points as I'm writing this, yet financials continue to be, well, pretty shitty. I'm sure the up market today is not causing the financials to drop. They were in fact up quite a bit in the morning. I'm getting upset at the fact that I'm actually losing a slight amount in my financial puts even though they are all down right now, because they had been up in the morning and my options were getting killed. Financials look "cheap"

RIMM is up 3 bux, so I'm almost back even. It just needs to a huge run a la AAPL, but I guess there is only one G3 iphone coming out July 11th.

As for the start of the earnings season, AA looked really low this morning, but now it's already up quite a bit. Still I expect it go up another buck or so after earnings