GE was as high as $30 as recently as last August or so, plus was in that range well before that time as well. I'm sure many people went long GE calls 35 strike LEAPS figuring GE would do ok. Looks like it hasn't gone very good so far lol. At least anyone holding still has 9 months or so to hope (and I imagine many of them would rather hold and hope then sell for $8, considering what they probably paid for them). JJacksET4
*raises hand* Yeah I was a idiot I know. I was one of those people that bought OTM GE call LEAPS back when it was around $25. 'This is GE and it has to go back up next year right?' was my thinking. Fortunately I had enough sense to sell back in Dec but I still lost ~50% on that trade. That's the last time I buy LEAPS for a while. I've made a little of it back shorting but it's almost painful to see a company like GE trading below $10/share.
new Bloomberg article, Immelt calls CDS market manipulated http://www.bloomberg.com/apps/news?pid=20601087&sid=aCFgx8CRQZtQ&refer=home
I sold those leaps. I closed the position though WGE AE (Strike Price 25) I know that well, I remember selling them for 2.75 Ge was under 25 then. I bought to close for 21 cents I cant imagine GE at 30 in 2010 Unless we have some kind of economic miracle. (Guaranteed free money*) I did go long GE at 6.85 (5000 shares) So lets see, I lose 34250 or I make a nice windfall. So I guess next year I can be talking about how I paid 6.85 for GE when its only trading for 50 cents