Thursday, August 9, 2007

Merill, Bear Stearns and Goldman - MER, BSC, GS

MER
Late breaking news caused me to adjust my plan this morning. I cancelled the order for MER Sept Call contracts.

BSC, GS
Knowing that the negative news coming from europe would impact the financials I place a market put on BSC and GS. Shortly after open they both dropped which resulted in a $1000 ($500 each) gain.

Since financials are officially on offense this shouldnt hold a negative pattern. As a result I placed stop orders on both PUT positions and then placed orders for Sept. call on both(discounted). Might be able to ride this both directions.

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