Two trade updates and today’s links including Rebecca Diamond’s latest

Two quick items to address before today’s linkfest.

Specifically, I bought some Riverbed options with strikes right around $30 or just above that expire in three to six months. Again, I’m still net long just doing some prudent hedging.

Lots of questions today about EKDKQ. I’m holding that position steady and will probably continue to do so for the next week or so. It’s not hardly moved at all since we bought it and it’s a very high risk, short-term trade. But there’s nothing I can do to fast forward it.

Anyway, here’s what I was thinking and reading about today when I wasn’t analyzing earnings reports.

Market links:

Is The Market Getting Tired? – Earnings reports from Apple, Microsoft and F5 sure would indicate otherwise. More evidence of market spring or lack thereof will come after seeing tonight’s Starbucks (see: Starbuck’s reports tonight) and KLA-Tencor reports. Earnings season abounds. At any rate, I’m not sure the markets are tired, as the always insightful Jordan Kahn postulates here but, I am thinking that there’s sure not much fear from the bulls out there…

What, me worry about the market? and Cody Willard: Who’s more scared and an update on yesterday’s trade – So far the response has been overwhelmingly in the direction I thought it would be — the bears are the only scared creatures in Wall Street jungle right now.

Twelve no-brainer shorts – My latest investment book (TradingWithCody subscribers get it free). I wrote it and published it right now in large part because the markets are back at their highs and there’s nobody looking for short ideas. Isn’t that the time to find the best short ideas? When nobody else wants to be short?

On the economy:

Bernanke Goes All In – Bruce Krasting fillets one of his favorite targets and mine, Helicopter Ben. You have to click through to see the screen shots and pictures that Bruce created for the article. His stuff on is a must-read every day.

On Opaque Transparency – David Merkel’s much kinder in style but not in his analysis of the Federal Reserves latest shinanigans.

The Fed Role in the Economy: Even Bigger. Even Better? – From Jeff Miller’s brilliant analysis of what this week’s Fed’s developments means to traders and investors – “The latest Fed action suggests something interesting for market watchers.  For many years there has been a cadre of Fed critics asserting that the Fed was “out of bullets” or “in a box.”  For any objective observer these statements have clearly been proven false…”

Ignore the idiots at the Fed and the pundits who listen to them – My take on the Fed this week.

And don’t miss my old co-anchor and friend, Rebecca Diamond’s latest piece:

Health care perspectives from a TV anchor turned mom