The market took Research in Motion (RIMM, $96.20, down $2.07) below $100 yesterday as the stock fell over $7 and is continuing lower this morning. The stock hit $110 earlier last Friday and we closed the October 120 calls (RULJD, $2.36, down $0.41) at $5.50. Two call options were purchasedRead more
RIMM Option Strangle Update
Dow Drops 500 Points
Lehman Brothers Files For Bankruptcy
AIG Plummets 60%, Put Options Up 885%
Close Call Options in RIMM
Research in Motion (RIMM, $107.14, down $2.20) is slightly lower as we head into the afternoon trading session. The stock hit $110 earlier this morning and I wanted to update the strangle option trade. Our exit target for the October 120 calls (RULJD, $4.45, down $1.05) was $5.50-$6.00 and thisRead more
Merrill Lynch In the Teens
Lehman Under $5
Lehman Brothers (LEH, $3.99, down $3.26) is dropping another 45% within the first 30 minutes of trading this morning. Lehman did nothing yesterday to please Wall Street and looked baffled when reporting earnings. With no real “backup” plan or turnaround in place, the company reported a loss of $3.9 billionRead more
Free RIMM Trade
Merrill Lynch Put Options Up 150%
On September 5, I mentioned Goldman Sachs (GS, $157.00, down $4.67) had downgraded Merrill Lynch (MER, $22.75, down $2.01) to a “sell” rating on concerns of more write-downs. Merrill Lynch is down another 8% this morning and our put positions are gaining momentum. The 52-week low for Merrill is $22.00Read more