I was astounded to see Dilma and Petrobras discussed on his comedy/news show tonight on HBO for nearly 10 minutes. The take away? Dilma certainly played a major role in the entire scandal and clearly the sentiment is that the corruption runs extremely deep. Of course I foolishly bought PBR at 8.25 a few months ago and have watched it steadily drop to below 5 now. I have also sold the 6 and 5 Puts about a month ago never expecting it to get this low and have lost on those too. My gut feeling now is that it will continue a slow but steady decline and I will take a 50K loss or more in the next few days. I f.cuked up big time.
Well, my options trades came back to haunt me. I SOLD covered calls (5C) at .08 when the stock was trading around 3.30. Only problem is that my cost basis for my shares is 5.57 and I never expected the stock to even get close to 5 bucks in the past week.Those options I sold are now costing over 1.00 (1200% increase in value!) So now I will have my shares taken away at 5 bucks if it is trading close to 6 on Friday or simply a penny above 5. So my hope is that linfrom china is right and we get back to 4.99 on Friday so I keep my shares or get to close that position for anything close to .08. You just never know what will happen that is a game changer with biotech!
Decided to avoid biotechs after losing a fortune in them. So I SOLD the 8 and 9 put options 3 weeks ago when PBR was trading near 11 bucks figuring that looked like a pretty safe bet to make a few grand in a month when they expired worthless. Those 2 trades are now going to cost me nearly 50K. Yes, timing is everything in this market and my clock appears to have broken so I can't tell time at all any more.
April Fool's Day is just great timing for rolling out the DTC TV ads!
Glad to see a Fugs aficionado here. I interviewed Tuli many years go. The band is still awesome and CIA Man is the song played during the credits of Burn After Reading.
I had that happen to me with a biotech stock about 4 months ago (lost over 400K) when I sold OTM puts and the stock dropped 70% overnight and I had to sell all the shares (60K shares) I owned to cover those option sales. The only difference is that my story was real. You certainly couldn't have closed your put positions due to a margin call because that can't happen until the market opens tomorrow. Oh, and TWTR only dropped 17% not 70% in AH trading so methinks you are not quite telling the truth.
I am afraid you will not get 65 when it opens tomorrow. In these situations the opening price in the a.m. is where you will get executed. Sorry, that is just how the game is played unless you were somehow lucky enough to get an execution in AH trading tonight when it first went to 70 then moved down quickly. If it wasn't executed tonight then you are going to own this stock at 54 or less tomorrow (or have it sold out from under you before you have a chance to cancel that stop loss of 65).
Nice to see someone here who also loves the Fugs! (you must be my age!). I interviewed Tuli on East 10th Street many years ago while I was in college. He was so funny. His book, a 1001 to Make Love is a riot. I still have his calling card in my wallet. A classic. "CIA Man" is a great song and is the song that plays during the credits of the Coen Brothers great movie "Burn After Reading". But you probably already know that. F ing A Man...
If it took you 3 hours to drive 48 miles (24 miles in each direction from Southampton to Montauk), you were actually only going 16 MPH in a Tesla S. I would suggest getting a used Yugo or a bicycle instead to get there a bit faster.
If you bought at 8.87 today you really ARE a newbie! At least 7.87 would be the accurate price if you did that at all.
If no one was willing to buy it at a higher price in AH trading that 7.43 was the first trade that was able to get executed. Simply a matter of supply and demand (and MM manipulation of course! lol!). That person was willing to take the loss at 7.43 because he figured it was going lower and he was right.
Can you be a bit more specific? I thought you meant before or after the Second Coming of Steve Jobs for a second.
At this rate Jesus might avoid it too once it goes to .30 (AD of course).