As mentioned y’day, CMI dipped to as low as $124.1 today (till 10:50am US EST). I didn’t get a fill to buyback at $0.70/contract, so decided to bid a bit higher at purchased at $0.85/contract. That results in $0.25/$3.90 in 1 night holding period i.e. 6.4% profit.
Last night when CMI reported bad results (missed on both Revenues and Earnings, The company also reiterated its 2006 profit guidance of $14 to $14.20 per share. Analysts, on average, expect a profit of $14.35 per share.) it gapped down, I started to analyze it further for a bearish play….
November Iron Condor: October 11, Filled 690/700 Bull Put RUT spreads for $1.40 credit. October 13, Filled 810/820 Bear Call spread for $.90 credit then again got filled on Oct 16 for $1.10 credit. Ocotber 20, filled 720/710 Bull Put spred for $1.15 credit These multiple credit spread completed my…