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Biotech / Medical : biotech binary events

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From: Robohogs	3/26/2007 10:38:22 AM
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I just put down a $1,500 into some April call vertical spreads (~$800) for DNDN along with some $2.50 put calendar spreads for a nickel (~$800) (figure a bad result causes a $2.00ish price and that the May puts should trade to a dime to 15 cent spread to the Aprils (per my modelling) as vol will stay up into FDA decision. Maximum loss probably around $500 with upside of $4-5K. Commissions on the four trades probably ate another $300-500 if all are exited. Jon Interesting as I used an old BrownCo account to execute most of it and put in all orders as spread trades. The vertical $5/7.50 April calls executed all 20 for less than my spread (38 cents vs. 40 cents) while the nickel put calendar spreads (april/may 2.50s) sat there with the bid ask on both .20/.25. I had to manually fill that order in my main E-trade account and the spread order did not execute. Funnily enough, some 2.50 call spreads (april/may) had all of 3 execute at flat (inside of my 5 cent spread) and is now at 30-40 cents. I had a weird combo of trades pre-thought out and entered to take thinking out of it, even though very small trade. More just experimenting.

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