I’m buying some out of the money calls…

There’s a lot of cross currents, emotions, and macroeconomic forces intermingling right now.  And that’s got the markets and most everybody running money losing confidence.  And panicking.  And running for the hills.

I’ve been saying since this sell off really started getting vicious last week that trying to catch a perfect bottom is the quickest way to the poor house.  And while I’m getting increasingly bullish and excited about the opportunity to get very aggressive down near these prices we’re seeing in front of us, I’m treading gently.

I’m covering some of our short positions, locking in big gains in both CableVision and Live Nation and LPS.

I’m also starting to buy again here with Sandisk getting killed as badly as it is.  I’m buying some out of the money calls, from the $40s on up, dated out in early 2012.   Buying more of the Marvell (early 2012 expirations with $15 strikes) and Cisco calls (early 2012 expirations with $17.50 strikes) I already own too — dated in 2012.

I’m also buying some Riverbed common stock back.  Remember that we sold our common much higher and have been holding onto what are now far out of the money, thereby having given us a natural stop loss above $30 a share.

Damn, it looks tempting to really load up, but discipline means using scales.