Sep 19 Options Writing Trades Update

Japanese stocks surged Friday, with investors heartened by news that the U.S.government is considering a more comprehensive solution to the mounting financial crisis. While details remain to be worked out, the plan is likely to authorize the government to buy distressed mortgages at deep discounts from banks and other institutions. In short, vast bailouts. Immediately, the word Moral Hazard comes to mind. Will this encourage more risk taking? Does this means that markets would rise from here. That the worst is over? I think its still too early to tell. I believe that the sluggish to bearish trend continues in the short to medium term & there could still be more gyration in the markets. For traders, all I can say is to stay very nimble during this period or what the heck, take a trading holiday & come back when the storm blows over. I wrote the Dec 14000 Calls & 14250 Calls for 35 pts & 25 pts respectively.