Bought more KHFAC (04C15) at 2.0 and 1.95, with the stock at 6.22 and 6.09. Order at 1.90 didn't clear. I got lucky with this purchase. I had expected the stock to drift down, not plunge, so I hadn't yet placed my limit orders for my next buy-point (stock at 6.5). When I logged on today, the stock was already at 6.3. Then, I played cat and mouse with the market maker for a while: I'd place a limit order to buy at 1.95, with the option bid/ask at 1.9-2.0, and the bid/ask would immediately change to 1.95-2.05. As a rule, I try to pay no more than a 3% spread. This takes patience, and a willingness to walk away from the trade. The quoted spread today was all over the map, I saw spreads of everything from 0.10 to 0.25, with the bid and ask changing without relationship to what the stock was doing. I think I bought at the lowest quoted ask of the day.
Well, we have just about hit all my buy prices for NTAP now. I've got more than I want for the LT. On rallies I'm going to unload my 2003s, bought when the stock was at 13.3-10.75. I'm waiting for a rally to 16. My 2004s, bought with the stock at 9.7-6.09, will not be sold. |
