Options update for May 22...just a quickie
Running a little late this AM so I just have time to comment on BCE: RBC Dominion (and others) came out with very bullish forecasts for Bell, and RBC followed it up with aggressive buying of the stock, and more important to me, the options. Very balanced over-all buying and selling (which is heaven for us) and active as well. Hope they keep it up! As I said yesterday, I consider BCE options cheap relative to the underlying's volatility. NTL backed off only slightly after Wednesday's bonanza, and NNC took its star turn yesterday, up $3.00.
I don't think I've ever traded a bank stock in my life. Between my personal accounts, business accounts, USD$ account, savings accounts, a line of credit, etc., I have nine accounts at CIBC--and judging by the service charges I pay every month, if they don't report record earnings I'll be surprised. (I guess you could say I'm no fan of Canadian banks.)
Two down days in New York...I expect some short-covering before the long weekend down there on very light volume. Watch the bonds, though. Flirting with the 7% level on long US bonds.
Happy trading.
Porter |
