The big event for this company has already taken place (BofA settlement). With nothing else on the horizon, MBIA will have to prove itself to be an ongoing enterprise with profits from operations and decent future guidance.
Selling Aug call spreads looks like a reasonable opportunity.
How do you know that the action or rally for the big event has already happened?
MMs can fool the investors by not rallying and once small investors give up their shares and after MMs inventory builds up to the threshold levels. The real rally will begin with some pump news from analyst/seeking-alpha/motley-fool article.
I just got back in, sold a few weeks back at $14.50. You could tell that things needed to settle down a little bit as people got over the initial impact of the settlement and now the news that Berkowitz sold most of his shares. I think this company is great long term, especially with the housing market and economy starting to turn around. However, we need to be careful of the big question mark...The impact that ending the massive Gov't stimulus will have on everything. IMO based on everything I have read- we should be good to go for at least 12 mos before that happens. Good luck!