I was wasting my time away with my family in the shores of Point Pleasant, NJ last Friday so I completely missed the market meltdown and the drama about how Bear Stern is trying to drown themselves in their own blood. Plus Cramer had a meltdown of some sort.
With the current environment, I'm looking to use my profit from my PUT OPTION contracts and roll the contracts forward and increase the contracts to 2x the current position. This will allow me to take as much exposure as waranted without exposing my capital to too much risk. I am already profitable on these positions at >200% so I can use the profit to get additional contracts. The worst that can happen at this point is that these latest trade operations will flat-line and all those profit will go to smoke.
Also, I'm still long on LVS ,WYNN, AAPL, AMZN, LMT, BA, GRMN, AGN and RIMM but that could change in a minute.