Purchased Puts Thanks to EuroTARP

As predicted last night, there is a huge rally and call buying returned to pretty high levels at the open this morning.

There is a "bailout" of European sovereign debt by European central banks. Really, they are moving money from the left pocket to the right pocket and calling themselves richer. Yet that action is believed to make all the world's overpriced risk assets more valuable.

The idea that EuroTARP makes the equity in Winnebago or MGM Mirage more valuable is absurd, yet that is what people believe.

The odds favor betting against people with moronic beliefs. Sold to them!

This morning some of my limit orders to buy puts got filled:
MGM Sept 10 10 @ $1
MGM Sept 10 11 @ $1.24
MGM Sept 10 13 @ $2
WGO Jul 10 12.5 @ $0.60

WGO Oct 10 12.5 @ $1