The Dow has struggled all morning to stay positive and is currently down 56 points to 7,499.

Research in Motion (RIMM, $41.87, down $0.23) is trading lower again this morning and has hit a low of $40.97. I had mentioned yesterday that the stock looks headed below $40 but sometimes its nerve racking when you have a short position in a well-known and popular stock that is capable of explosive moves.

The March 40 puts (RUPOH, $2.60, up $0.05) were profiled at $2.15 and closed yesterday at $2.55. The put options have hit a high of $2.95 this morning.

The March 35 puts (RUPOG, $1.02, up $0.02) were profiled at 85 cents and returned over 15% by the closing bell. They have traded as high as $1.20 today.

Elsewhere, the Spider Gold Shares (GLD, $96.26, down $0.65) are rolling this week although they are down slightly today. No worries.

The March 99 calls (GLDCU, $3.00, down $0.60) were profiled at $2.05 on February 2 and had returned 75% before today’s dip.

The March 100 calls (GLDCV, $2.70, down $0.70) were entered at $1.90 and they were also up over 75% before today.

I still like both positions but realize the Spider’s are at a 50% return if you wanted to close half of the position and take a little off the table. As far as Bank of America (BAC, $4.00, down $0.57) we still have plenty of time with the March call options but they have gotten off to a rough start…

Rick Rouse
Rick@OptionsMentoring.com