Looks like I was 100% right on my MBI price prediction of closing below $13 bucks on this Friday. I am writing covered calls and cash secured puts as we test the recent lows again. Gotta love Wall Street and the games the tutes can play!
Be careful about taking a victory lap on price predictions for MBIA. You are totally right so far but there are better than 150,000 contracts expiring Friday in the $13, $14, $15 and 16's. Those folks may not go quietly even though it looks very bleak at this point. We also know the market maker writers will be willing to spend mega dollars to see that this current scenario stays intact.