Thursday, February 21, 2008

OPEN: GFIG Short Straddle Mar 90 Call/Put

Here's a 3rd straddle for the day! This one came from OptionsMonkey from our meeting last night.

We Sold the Mar 90 Call & Put for a total credit of $13.15. The Mar 90 had a better trading range and probability than the 85.

All three straddles today were placed after 3:30pm. This is the best time during the trading day to get into the short straddle so you have little time for the stock to go against you at the last minute BEFORE the news comes out. This can happen a lot since people freak out before the news.