Yikes.

Silver is all over the map today. Huge move in the overnight hours, and then an even bigger move at the start of the NY day, this time to the down side. At around 11 or so, it's found a bottom, and is retracing the downward move in another violent move upwards.

Option prices are all on a roller coaster ride today, so I won't put a quote up for our holdings, as it'll change by the time I hit the send button.

Even though we did have a bit of a pullback here intra-day, it's looking like we'll close in the positive for SLV, which means 8 straight up days, and 16 of the last 18. This is all fine and dandy for our Put position, but it's making it difficult to find an entry point to play the long side. Something to keep an eye on.

Also keeping an eye on LULU. Just fantastic earnings growth. And a great product with what appears to be an unblemished track record of beating the streets earnings. All things an investor loves. Because of this, I think I'm going to take a large Put position again. The premiums are pretty high, much higher than I thought they might be, so lets jump on them.

Again, we'll be selling puts. 10 LULU Jan'12 $80.00 Puts @ current bid of $7.00. We'll raise 10*700 = $7000 for the options, and be exposed to a worst case scenario of $80,000 in margin. (10*100*$80.00). We will have an entry point of $73.00 currently 30.7% below the current price of 100.97.

GLD, is also clearly is another thing to keep an eye on.

That's it for today.

Portfolio updates.

+$7000 in cash = $109,720
Open Positions = 20 $35 SLV Oct'11 Puts, 10 $80 LULU Jan'12 Puts