Seeking Alpha
  • Joe Springer
    $33,000 American Portfolio: Closing $SZYM for a quick gain @ $8.06, all proceeds to go short $BAC: Buy May $11 puts ask $2.23
    11/15/12
    Reply (6)
    • Joe Springer: I don't like the market on the way out of 2012, don't want to abandon holdings though
      11/15/12
    • weed: May I ask why you chose the $11 puts?
      11/15/12
    • Joe Springer: Could have bought more if went with 8, 9, or 10 but 11's turn profitable sooner (8.77) and wanted to not have a total loss if I'm wrong.
      11/15/12
    • weed: Thanks Joe. I'm trying to learn how to look at things and my first inclination would have been to go cheap out of the money....
      11/15/12
    • weed: Your way is better.
      11/15/12
    • Joe Springer: Thanks weed! I'm surprised the premiums are not more off-putting (to turn a phrase), seems to me that between now and May could be carnage.
      11/15/12