One of the kings of beta a zen master has stubbed its toe this evening, dropping 10% after hours...Im long puts and calls in there so Im buying some stock at the $75 level, I guess the revenue guidance was a little light for the next qtr...this is the big recovery qtr I thought....the bald guy had been even on his $85 dollar strong buy from months ago for a few days this week - hope he sold....
Overall the market closed near its lows with an assist by RIMMs punk numbers after the close which sank the futures. I did some covering today but I still am short biased, I am long a fair amount of gamma, so I have the luxury today to buy things and I hope when they rip higher in a few days that I have bought plenty of deltunas against my long gamma...
So now we have had two down days in a row - I thought Id never see that again. When a big market name like RIMM gets beat up thats not a good thing for the psyche...Im sure the street will say this is an isolated event specific to RIMM, "channel checks at AAPl are uber strong..any weakness due to RIMM is a buying opportunity - any analyst CFA....".
Two days dont make a sea change but if the dip buyers get burned a few times - the sea will turn stromy...
Have a good night
JB
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