Thursday, July 20, 2006

Sell CAL Continental Airlines

CAL earnings $1.93 three cents better than estimates of $1.90, but the stock opens lower and falls. I get out while I still have a small profit. Poor execution on the exit costs me, and as of this writing it is trading well off its lows. That big dip may well have been to take out stop loss orders sitting on the books. With the market the way it has been, booking a profit seems like a wise idea, even though it is a small profit, even just two days from expiration.

BA, MAR, VLO almost certain to be called away tomorrow, and that will leave me with a big pile of cash.

EWJ, MCD, JPM, PGR are other hedged positions (long stock, short calls)

No comments: