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April 30th, 2010 at 11:20 am
Oil heading up for a possible re-load at $86 after a great run down to $85.20 but let’s make sure this little rally stops first as we don’t want to fight a rising tide.
GS/Jbur – That was from way back on the 19th, when we took the 2012 $70 puts for $2, which are now $3 and we paid for them with an upside mo play that’s gone now so they are just free lottery tickets. My upside cover on GS was the 2012 $100/145 bull call spread, now $26, as the logic was GS either dies or they’re fine and you get $19 profit in 2012 and that pays for 5 of the puts and leaves room for upside profits too.
MEE/Morx – Word is they are offering $3M settlements but also that the roof had support issues so they could be on hook for more but I love this play on the dip, selling June $38 puts for $3.50.
EUO/Fprat – EUO is ultra-SHORT on the Euro, it rises 2x to a Euro drop (in theory)
Buh bye BXP, bye bye VNO – keep an eye on those kids – if they break, down we go!