I bought a little more of this stock for the first time in a long time…

It’s a sell off to greet us for the new trading week and the high beta stocks are down pretty big this morning.  We’ve got shorts and longs both down 3-5% across the board today as earnings week really heats up this week with hundreds of big companies reporting.

I bought a little more Corning for the first time in a long time.  I’ve got some calls I’d bought when I first started re-building this portfolio and I haven’t really done much with this stock since then.  I’m leery because of the price action and the stock has been in an ugly downtrend since it peaked.   But I am just using the weakness at this point to buy some more Corning, looking at both common and calls.  The January 2012 calls are closer in time than some of the other longer-dated calls we’ve been buying and that makes them much more risky though also cheaper.  I’m buying Corning calls with strikes between $17.50 and $20 or so this morning with Corning at $16.45.   I’m not using much capital, say a little less than 1% of the portfolio or so on these calls.  So no line drawing in the sand here.  Just using the price and time to scale into my stocks.

Back in a bit.