Thursday, October 9, 2008

Closing my Wells Fargo puts

I just closed my WFC puts. I purchased 500 of them at .85 and now sold them at $4. The stock is down 10% and I decided not to get greedy and take what I could. I think Wells Fargo will probably go under, but you don't want to be a pig in this market. Eventhough the SEC ban shorting of financial stocks, you can still profit from a stock going down by just buying puts. Short all financials!


Anonymous said...

500 puts? $42,500? You mean you bought 5?

Anthony said...

You are right 5 Contracts controlling 500 shares..