after the big boys bought 50k of them on Tues for 50 cents. None one? And for the many experts here, how the hell does the MM hedge a sale like that? Must be a living hell to trade.
The way I've been trading lately I'm surprised I didn't write those puts. How come no one admits to loosing on these boards? Surely I'm not the only one who took a shot this year... Anyway I hope some of you were on the right side of that mess. Would have made about 2000% in one day if timed right. Anyone going to get in on the LEH repeat?
Most likely the same participants that stopped accepting Bear as a counterparty forcing them into a liquidity crisis. BCS has never been forgotten for not coming to the table in the LTCM bailout and has reaped what it sowed.
I had a strangle on LEH, fortunately, in anticipation of their earnings Tue morning. I figured there'd be fireworks. Sat down for my lunch at work, opened up my account, and said "Holy "sh*t". Believe it or not, both legs were in the green, but of course the down was green by a considerably larger margin. Then looked up the news and said it again. If LEH turns out to be a repeat of BSC, well, I'll be happy.
My first option writing loss this year was selling 20 BSC March 25 puts @ .33 average on Thurs. Small position I immediately closed for a 2500.00 loss the next day. Usually I never trade naked selling on stocks but took the pure gamble and lost. I'm kinda glad it happened because I've been having the best win streak I ever had and started getting that "I can't lose" feeling. This brought me back to reality.