Sep 17 Options Writing Trades Update

The Nikkei average rose 0.9 percent from a three-year low hit the previous day, after the Federal Reserve's bailout of American International Group worked to calm some of the turmoil ravaging Wall Street. However, its still too early to dip our toes back into the Puts so we may just sit tight & watch the market for a while more. How often do we see upheaval on Wall Street that led to storied institution filing for bankruptcy, forced buy-outs, central banks interventions. Totally wicked & unprecedented I must say. This will be one of the trading "war story" we tell our grandchildren. I reckon that the market is still very weak/fragile & can turn on a dime as we have seen over the past weeks & who knows what other skeletons we have in the Financial Sector's closet. Nonetheless, I wrote the N225 Dec 14500 call for 20 pts today. Only upon seeing more stability in the market, one can consider the Oct & Nov N225 Puts which are still attractive to recoup some of the losses. Meanwhile, I am submitting my bids for the Lehman Brothers coffee mugs on ebay....