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!
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!
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2 comments:
500 puts? $42,500? You mean you bought 5?
You are right 5 Contracts controlling 500 shares..
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