I think I should be going
And time doesn't wait for me
It keeps on rolling
--Boston
Bought some options for the first time in ages--puts on the Financial Sector SPDR (XLF).
From where I sit, the mounting problems underneath the financials have the potential to let go in a hurry. If they do, then the XLF could see 12 in short order.
Moreover, option premiums are reasonable, and with the markets in their existing state I'd rather be a buyer rather than a seller of volatility here.
The heck of it is the timing, of course. And time matters more with options...
position in XLF
Banks are an almost irresistible attraction for that element of our society which seeks unearned money.
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