Great day today
I had two B8 signals which I hit the top with and while I didn’t have many shares on the second one I was able to do well with the first.
I repositioned by GS trade so that I would give up some gain for better protection from the downside and closed out some to lower the total trade. This was all done during what I would consider very good timing. I closed out the extra shares that did not have options written at a gain and changed over the covered calls before the drop in price so that I was able to ride the move down without getting beat up. C was showing weakness for much of the day and I ended up closing it out at 4.94 and will look to buy more at a lower price. $5 right now seems to be giving some real resistance and with MS selling the Feds C I would not be surprised to see a retrace before going through and staying through 5.
MEE was pretty wild in after-hours trading. Not sure why as I left to go look at a house and will try to get caught up with it tomorrow.
GS looks like they will be once again shown to be the smartest guys in the room. After listening to CNBC radio on the way to the office talk about Paulson Co. making statements that there was a meeting with the counter-party.
C + 177
GS + 51
GS may 150P + 14
GS M165C – 41
IMAX + 209
ZION + 728