Well, that CFC gamble paid off today. I put a 2x stop on my CFC calls since I was going to be in meetings all day. It paid off. I would have caught a 3x had I been near a computer, but I will shut-up and take my double.
I sold my Feb CFC 7.50 calls today for $1.70. Caught a double in two days (did I mention that already?) on the news Bank of America was planning to purchase the rest of Countrywide. So many rumors and stories leaked--I'm sure after this is all said and done, someone will get popped for market manipulation!
I'm going to play the other side tomorrow--I don't think this deal will go through. After doing a bit of research and thinking, I can't imagine why BAC would want all of this Piece of Crap...I mean, why not wait until they go bankrupt, and just cherry pick the good stuff in the company since they have first dibs (part of their deal last year when providing a $2B cash infusion). There are a lot of unknowns and potential land mines on CFC's books.
The Jan $5.00 puts are going for 0.35 and the Febs are at 0.60.....this could be a big one. Stay tuned and make money.
Oh yeah, and I added to my March $30 puts on C, I managed to double my stake at ~3.15 a contract when the Market spiked today.
-Rocketshoe
1 comment:
Well the deal went through...this is a mess. I'm not sure what BAC is getting out of this...I smell FED intervention.
I'm not taking any bets on this.
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