10:00am (EST) I was jamming to Queen’s classic hit song on my iPod last night and started wondering if Wall Street was doing the same for another company that might be taking a tombstone in the corporate graveyard.  The New York Stock Exchange (NYSE) halted shares in CIT Group (CIT, $0.33, down $1.31) yesterday but the stock has opened for regular trading and is getting crushed.  Down 80%…the company is on the verge of bankruptcy after bailout talks with the government collapsed.  Talk about the one that got away…the CIT July 1 puts (CITSI, $0.75, up $0.65) which have gained, oh, 650% this morning.  They opened at 45 cents… IBM (IBM, $108.40, up $1.18) continues to shine.  I thought they reported earnings this morning but my assumption was WRONG.  They report AFTER the bell.  Somewhere Mr. Hand is writing my name on his chalkboard because of my ass/u/mption. ..the IBM July 105 calls (IBMGA, $4.00, up $0.95) are up another 30% while the August 105 calls (IBMHA, $5.30, up $0.75) are nearly 20% higher… We got a great jobless claims number which helped the futures but after a higher open, the market has pulled back slightly.  Bank of America (BAC, $13.06, down $0.36) is trading lower after JPMorgan (JPM, $35.56, down $0.70) gave a mixed earnings report.  BofA reports on Friday… Hank Paulson is on the hot seat this morning and will make his case to the government on his role in the BofA/ Merrill Lynch deal.  Not great timing for BofA but it just adds another “event” to the trade.  The November 15 calls (BYOKO, $1.30, down $0.10) were profiled over a month ago at $1.50 but many of you built positions at $1.00 and under.  Those are sweet profits so manage your risk accordingly.  I still like these calls thru November but they will be volatile.  C’mom Hank, say something good today! Cisco Systems (CSCO, $19.84, up $0.03) hit $20 earlier this AM… Rick@MomentumOptionsTrading.com]]>