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.


Taylor Conant 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.