I sold my puts at the best price today to rip 70% gain. Will come back after hype settles.HOV will eventually go BK.-----------------------------------HOV 5.00 NOV 10 PSOLD TO CLOSE 10c @ $1.55 Total: $1,530.47 10:26:38
I'm expecting a decent bounce in housing stock over the next few days. Will take the opportunity to continue to short select HB's including HOV. There will be just too much existing inventory for new home sales to do well.
Well done. I held and bought more at the close. But I did liquidate half my position at expiry, so I am not saying you are wrong (taking profits is never really wrong).
HOV has completed 5 small waves on this down leg. It rebounded at a standard lower trend line. HOV may come to test $4.62 area that is at the intersection of the upper trend line and the first resistance level. The more bullish scenario to recover half of the decline which is about $5.25.Don't count on these. It is not worth the risk to buy, but it is worth the risk to short again when that happens. Later...