looks like about 900,000 shares will be put tomorrow or by friday at prices from $5 to $9 by the put owners.congrats to those cno longs who sold covered $5 calls on their shares for $1 plus.you could pick up more shares this week for about $3 net if you wish to add to your position.jim
I just buy low and sell high. Double up if down and sell even or close to it. You guys make this more complicated then it is. I'm feeling like a bag holder on cno.
watching the dec $5 puts with 8000 contracts is fun.the big guy actually is long 24000 jan $7.50 puts and SOLD both the 8000 dec $5 and 16000 jan $5 puts AGAINST them as his bear spread.he wins big time if cno stays around $5 for both the dec and jan expirations.an EXTRA payday comes this friday..monday for him. 8000 new puts can be sold to replace the dec $5the probable identity ofthe bear spread position..paulsona simple hedge of 240,000 of his original long shares bought in the $2sjim
over 6000 of the dec $5 puts were just closed for $.10 by paulson.jim
can you be more specific ... maybe an example. Thanks
forcrospretty simplewhen cno was just above $5, the june $5 covered calls were sold for over $1 by some of us here.they are currently bid about $.75.so if you already received $1 , buy the SAME number of long shares at $4.75 and then sell calls on them for $.75,those NEW shares cost you $3.00 netNOT $4.75you may have to sell them at $5 though in june for a NICE profit.jim