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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: E_K_S who wrote (19852)	10/14/2004 5:11:20 PM
From: Wallace Rivers	Read Replies (2) \| Respond to of 78624

To those of us who own MMC now - all I can say is OUCH!!

To: E_K_S who wrote (19852)	10/14/2004 7:30:18 PM
From: Carl Worth	Read Replies (2) \| Respond to of 78624

apparently there was a lot of selling of financial ETF's today due to spitzer's announcement of the case against MMC, which in turn caused a lot of selling in the stocks which make up those baskets, and this included not only insurance stocks but banks and brokers, thus the widespread losses in financial stocks not sure how this will impact stocks like NYB, C, BAC, etc. in the next few days, but obviously the concerns that apply to MMC and AIG, etc., do not apply to these banks (unless spitzer decides to go after them for something next -G-) i am currently short oct 20 puts on NYB, so hoping it holds above 20 tomorrow so they expire worthless, and then i will probably join you in december or january 20 puts, though the chart is not yet oversold, so i might hold off a few days to establish a full position...if it's under 20 late in the day tomorrow i have to decide whether to take the shares and get the next dividend, or roll the puts forward i am also short puts farther out on C and BAC...not as interested in adding to my small position in C as there may be additional scrutiny of their practices in light of the troubles in japan and europe recently, but i'd love to add some puts on BAC if the stock pulls back to support at 43, or gets to oversold also short oct 85's on BSC, obviously they will expire worthless absent some kind of calamity tomorrow, but i think this is another good one to capture premium on, as the tangible book value is about 80 bucks a share and the P/E is around 10...eventually i think BSC will get bought out for a higher price, but in the meantime it seems like a fairly low risk play for capturing put premium on a regular basis FWIW