RIMM like rain drops

This morning the market started in the positive territory area, but the drop into the red was unavoidable.  As I watched the AAPL puts go into my target area of over $2.00 per put, I contemplated selling.  Is there more room to drop though?

It took me about an hour to drive into work today.  While I started later than I normally would, I missed the market open on the streaming quote screens that adorn my office like Christmas and Hanukkah lights.  When I arrived to work I got to see the market in the green, attempting to go further into positive territory.  Not gonna happen.

So while RIMM was near even I bought a Mar08 put.  This does not mean that RIMM will go positive, though in the old days it was almost a lock that it would go against my direction.  Instead, this means that there is room for a movement downward for at least the next day or two.

Buy:
RIMM Mar08 $120 put (RULOD), 1 @ $26.80
   stock price when entered $99.99

I don’t know if I have a target for this one.  I might just wait for RIMM to go into the mid or low $90’s.  There are some bloggers that are predicting insane low levels like in the $60’s.  If they could accurately predict something like that, they wouldn’t waste their time blogging because counting their cash would consume their free time.

JCP isn’t going down yet.  Yet.  I think that I might wind up fighting some sort of odd JCP trend, but I do believe that it will react accordingly, as has SHLD.  BBY reported some unhappy things, which has cost them a couple percent this morning in stock price.  Seems to me that JCP should follow suit, being a retailer, and head lower.  So do it already JCP, I’m waiting.

My IWM position still exists.  Nothing much happening yet.  But I am looking forward to it dropping into positive trade money for me.  Eventually.

So far there isn’t the “Santa Claus rally” that many bulls were predicting or praying for, but only history will accurately tell what happened.