Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Trading results 6/17/10

BP largely gets wound down today

I started the process yesterday and finished up today my trading with BP. I still have OCT puts wrote but I do not expect to do much with them absent some large price move (totally possible given BP lately). I would expect that volatility will be dropping and that we will soon see the floor in BP or we already have in terms of the reaction to the Gulf of Mexico. Maybe a few more crazy days before they cap the well or maybe the well capping will go bad. Lots of things between now and the point where the oil stops. Then the fun begins with the hangover. It appears very clear that Obama made a secret deal and I would guess a sweetheart deal to avoid having BP USA avoid bankruptcy. BP still has the civil lawsuits to worry about but I am guessing anyone that takes money from the escrow fund being setup will have to forgo suing. In a situation like this I would guess that mediation by the pay czar is going to be a whole lot better for BP than jury trials.

Currently flat other than holdings in C and BP options
BBBY + 86
BP + 183
BP OPTIONS
JUN31C – 7
JUN32C + 79
JUN 32P + 156
JUL 27.50P + 158
JUL 30P + 90
JUL 32P +39
JUL 33C -244
JUL 35C – 90
JUL 36C – 87
OCT 27.50 + 57
EXPE + 2
IFLG + 3
MTB + 192
NMTI + 30
OVTI + 15
SUN + 116
VG + 15
+ 797