Trading updates

Good morning and welcome back to the forest where you don’t wanna miss it for the trees. Then again, you do wanna miss trees when you’re skiing.

Anyway, it’s a pretty big day for us with earnings from Google and FFIV and PNC all reporting earnings. PNC, one of our recent shorts, is down 4% this morning after an ugly earnings report.  I’m about break even on that short right now and I’m likely to buy some puts in that name if it continues to break down from here. Let you know in coming days if and when I do.

GOOG and FFIV earnings are after the close, so there’s nothing to do but wait for those. I’ve got some Google calls that I’d bought recently as you guys know and I added FFIV common earlier this week. I bought a tiny bit of FFIV calls, slightly out of the money strikes, with April expiration this morning to further build this position. But I am not buying these calls as an “earnings play” per se.  I don’t have a good feel for how the market will react in tonight FFIV earnings report partly because this is the first time in a long time that we’re in this particular stock heading into an earnings report. I will likely add to my FFIV tomorrow if the stock is down — meaning I’ve left myself plenty of room for a disappointing action tomorrow if it were to hit us.

FIO’s over $29 a share and as you guys know I bought a lot of FIO common and calls back when it was in the low $20s — and with the recent pop here kicking my FIO calls in, this is geting to be too big of a position for me so I’m putting some sell orders out there for about 20% of my calls and locking in some big profits here.