Wednesday, October 08, 2008

October Trading Update



I sold some October 100 puts I had on Simon Property Group.

Was in at an average of 11.50 and sold for an average of 24.50.

The stock was over $100 a share when I bought them (I think). Option decay killed me; bought em back in April.

I am still short SPG directly; and indirectly through SRS.

Haven't done really anything else to speak of except dumping my long-term Google position (at $448); which I'll look to re-establish after 30 days.

The short selling ban is set to expire tonight at midnight. I'd be shocked if they didn't extend it.

Stocks I may be looking at whacking in the near future include PNC Financial and SunTrust Bank.

2 comments:

TAYLOR said...

How did you pick those two? And are you afraid about getting locked in to a short and not being able to cover and get back in later when considering shorting initially?

CaptiousNut said...

Picked them because they've bounced too hard. I don't believe, make that I KNOW, that no banks are insulated - none deserve a premium.

Their share prices mirror those of Wells Fargo - which I am obviously very short.