Went long 12 contracts of the RIMM 6 put weekly that expire friday. for 8 cents a contract. Total cost for the position 115.20 bucks. Total risk 115.20 bucks. If rimm earnings spook the market and it crosses deep past 6 I will make a nice little profit. Otherwise I lose 115.20 bucks to offset against this years short term gains.
Position now up 37% Wow I should be the #1 trader like Timothy Sykes. Maybe I can write a news letter now and tout how I was able to return 37% in an hour Hopefully this does not happen. http://www.youtube.com/watch?v=H9CQscwXBt0&feature=related
Well at least he took a limited risk position. 1200 shares short will be a 1800 dollar loss if he had to buy back Rimm stock. Rimm is trading at 8.42 right now.
Every time I look at RIM I'm like wow this is a piece of junk company I should short it and then I turn around and it gets cut in half and then I turn around again and it gets cut in half again
After being a blackberry user for years - as in way back with the original green screen business blackberrys, thumb scroller on the side, when they were the only ones in town pushing email data directly to your phone... dumping this phone. Desktop software just keeps getting more bloated, phones get clobbered, losing data whenever there is an upgrade. The list is too large. Blackberry app world is just a bloated joke. And yeah, people will go where the apps are and they ain't on the BB. Within the last 5 years, more corporations opened up to other platforms - who wants to be locked in with one corporation anymore? Apple & Android more mainstream. Quarterly losses after quarterly losses. Blackberry 10 in 2013? No thanks. Didn't they just have to sell the corporate jet? Are they waiting for a buyer?