OPEN: FMCN Short Straddle Mar 35

With the news today of the Fed rate 3/4 point drop as well as the volatility craziness leftover from Bear Sterns' (BSC) news, one of our fellow traders found this straddle today.

We did the March 35 short straddle bringing in a credit of $5.75.

Mojo at Insanemoney and I did the March's because we are planning to let this expire and get assigned on Monday morning unless this goes against us between tomorrow and Thursday's expiration. Normally, the brokerages give you 3-4 hours in negative cash in your account when you get assigned to come up with the money, so our goal is to turn right around and sell the stock back for a profit.