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Politics : Welcome to Slider's Dugout
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To: wildandwonderful who wrote (8279)3/6/2008 3:54:25 PM
From: SliderOnTheBlack  Read Replies (3) of 50418
 
re: FNM S.O.S. - where's the aqua lung when you need it?

Well the $30 calls look to be sacrificial at the
moment. So what to do? I sold some Jan. '09 $15 Puts
for a $2.65ish premium (VFNMC.X). It covers my calls, puts
my head above water and gives me a little mad money for
some more calls - maybe some April, June, or Sept $15's,
or $17.50's if they get cheap enough.

I'm also watching GS here. I'll enter via selling puts
as well... and then look for some calls.

I'm just looking for the Fed cut/Prop Job bounce.

I'll only max out at an exposure of 20-25%ish of what
I was short... just looking for a trade.

Lot's of fundies getting squeezed by their primary
dealers here. The only thing uglier than watching
sausage being made - is watching liquidity being
removed <vbg>.

Financials may well continue to take 3 steps back off of
each 2 step forward bounce... but, I'm willing to
to try to find that bounce.

Did you see what's happened to Thornburg?

Yowser.

I already covered all of my financial shorts... it's
almost too late to pile on now. Thornburg really surprised
me -- I didn't have on it my short list after hearing
their CEO on CNBC basically assure everyone that
all was well...and it seems he was being honest -
things are changing that fast.

If you're going to go scuba diving - take the aqua lung.

We shall see.

S.O.T.B.
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