Buy GM, sell the Feb 30 calls
I forgot to mention that my EWJ Japan Fund ETF was called at the 12/15 expiration. At that time, it put me 100% in cash in my trading account. Today's GM buy is moving my big toe back into the water.
The FDX setup turned into a setup all right--for the bears. There is additional risk taking a position ahead of news. Sometimes I will do it, other times, I prefer to wait until the reaction. Both styles of trading can yield profits. Options usually cost more just ahead of news.
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