The end is not near

FNM, FRE and LEH continue to get pounded today, even with some of the other financials doing relatively well. They are all pretty low right now, so I'm taking my puts to NLY (JUL 12.5 put, 40 @ 0.50), which are stuck in the same troubles as FNM and FRE, but it's just not as exposed. Looking at the wild number of options being traded, and heavy number of puts, I know one thing, and it isn't the stock is going down. It's that the options will be expensive, so even with just a week left until options expiration in July, I don't foresee me selling NLY at a loss. Probably will be gone tomorrow even if NLY doesn't move cuz i'm up 60% already, and thats damn good money in 3 hours of sitting there and watching the market. I probably shoulda just sold today to lock up profits and to take advantage of the implied volatility of the stock, but one more day couldn't hurt right?

Note that all of these stocks were down today, which actually was a decent up day for the market. What's gonna happen when the market takes a dump? I guess my puts will find out...

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.