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The Blackstone Group L.P. Message Board

  • indymack6 indymack6 Mar 12, 2014 10:33 AM Flag

    Hey Tradingbasis...what about them puts baby!!!

    Trading,

    Solid move to kick the calls at $35 and thankful I kept my $33 Puts and bought $35 Puts on Monday (also bought $35 LEAP Calls). Wow! Those puts made a nice triple in my opinion and I took today's open to kick them. Even managed to scrape some pennies from those $33 Puts (which I originally just assumed I would get $0 for).

    So on that update, how did you fair? Still holding onto your puts? Any ideas or technical insight on what our approach to $35 will bring? I would love to see a nice move with volume past $35 and towards the $40 target some analysts have predicated (but we know how accurate those analysts can be). Any insight is appreciated.

    I ended up taking profit and getting back in long on BX buy doubling down on the $35 LEAP Calls. Love the company and business model and I think we are in store for a great year for BX stock/options holders.

    Best,
    MD

    Sentiment: Strong Buy

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    • Covered my puts yesterday and bought 35 Calls for Mar and April expiry. The Ukraine news sure spooked the market and I had to sell my March 35 calls for a small loss this morning. I added April 35 calls around the low today thinking we should get some bargain hunters soon. Since we are still above the 20 SMA, I view this PB as constructive. If we break through 32.70 with volume and close below, we may see 32 before its over.

      I still am long my common shares and will be looking to add some calls tomorrow if we test yesterdays low and get bounce. If not, I will be looking to load up around 32.

      Sentiment: Buy

      • 1 Reply to tradingbasis
      • Trading,

        Thanks for the reply. Agreed on the cross of the 20 SMA would lead to $32. So far so good, but it's too early to tell if we won't see another re-test of the low $32s. No matter what, I also see this pull back as constructive and an excellent buying opportunity. I ended up doubling down on my $35 LEAP calls, so far I'm treading water (maybe a little in the red), but I'm happy to own this stock via long term options contracts.

        One thing of note, imagine if we didn't kick those puts last week. Who would have guessed 5-days in a row. Bummed out I could have turned a 215% profit into a 300% profit. Oh well....happy to still have made out some nice profit. Points to the fact, it is best to be smart and hedge for the downside. I learned that lesson in 2009 when I was trading bank stock and have remembered that all these years (you tend to when you lose your shirt!).

        Best,
        MD

        Sentiment: Strong Buy

 
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