a little upside action after initially trading lower... All good until we break $68.50. I should be able to get $5.00 on the offset between $63 and $67. arb.
They are sure snapping it up, aren't they? Was the report that great, or was there a big short position anticipating a selloff on the news?
Yeah, I imagine so... the results were certainly not unexpected, and the stock has ran like crazy, hence the short-interest. Now that I've taken some stock hedge I'll be out tomorrrow of Friday at latest. I'm holding half of the original position. arb. I'll dump the long hedge if we trade back under $66, otherwise I'll begin to offset the entire wad tomorrow...
All 400 are gone -- average fill on the buy was $5.12, average sell last week was $6.37. Made $.50/share on the long stock hedge. arb.
Just a quick side story about EBAY and YHOO. Back in the day when YHOO was $300 (I don't remember what EBAY was at then), traders on the floor of the CBOE who didn't trade in that pit (they -EBAY and YHOO- trade/traded in the same pit at the time) would cover their badges as they walked past that pit because they didn't want to take the chance that a broker would accidentally just see their badge as they were walking by and include them on the ticket, which would have meant finding out about an outtrade later which most of the time the traders had to eat (we all know that error trades NEVER go our way)!!! Vega FWIW -- And I don't know where your trades were executed, but if that money you made came out of that CBOE pit it brings a smile to my face, some of the biggest a$$holes on the floor were in there.