Sold CEDC Calls, Might Buy Back On Gap Fill

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October 31, 2007

Sold the Nov 50s for 3.2, bought for 2.4 = 33% gain overnight.

Sold the Nov 55s for 1, bought for .85 and .75 so 17% and  33% over night gains.

CEDC briefly touched 53. That is the price target I was predicting when I made the trade. However, it fell from that price pretty fast. I think it gets back there, so I will look to purchase this back if it goes lower. The news was very very good. I will not be buying Nov strikes, but move out to Dec/Jan on the next purchase.

Still heavy long the indexes going into the Fed meeting.


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