I sold my Chesapeake Energy puts in the last hour of trading, nice sell off there created the perfect opportunity.
Bought CHKXV at $70
Sold CHKXV at $210
Total Gain on Trade: 210%
The Department of Energy released a report on natural gas inventories today that caused a sell off in natural gas. That sell off in natural gas triggered a sell off in Chesapeake, which was beautiful for me. This one trade will pay next semesters tuition + books + other fun stuff.
On to DRYS: This stock is in it's own universe. There's a lot of conflicting media regarding the company. A lot of investor websites are calling it undervalued and a great buy - they're ignoring the massive debt load the company has and the fact that their assets have depriciated by 60 - 70%. My Dec 5 puts are still profitable for me, however my Dec. 2.5 puts are showing a 50% loss. No biggie, this company doesn't have many options, so I'm going to hold until bad news comes out (should be soon).
High five to a brilliant day!
-Nik
Thursday, December 4, 2008
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2 comments:
grats on getting PAID
Thanks! Thank you for reading!
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