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Well, the 385 support level called for seems to be
holding for now. The straddle is now trading at 16.25 for about a $10
profit. The 380-420 outside combination is selling for 2.55 and the long outside
combination short the straddle is at 16.05.
Will the stock go lower? Probably.
could the 380 puts end up in the money? At this point yes. could the
straddle end up being a loser? Good question, but 373 is way to close for
my comfort. The greater fool theory says 390 to 400 at expiration for the
most options to go out worthless.
Can the big players make that happen? right
now it doesn't look like it. The only lock was to take the
profit when you had it yesterday or to sit with the profit in the box until
expiration.
The end results will be obvious so this will be the
last post on this subject.
Have a good weekend all. Ira.
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