– Got stopped out of the short side of my short MMR / long XEC pairs trade today, for a loss of 4.9%. My trailing stop here was 18% on both sides. Maybe I’ll tighten the stop on the long side a little going forward.
– Bought a few puts on ESC, piggybacking on Hesperian’s idea.
– Wild day for FBP today. After the close yesterday, it announced a preferred swap with the Treasury Department ( http://finance.yahoo.c… ). The stock was up as much as high as 92 cents on the day, but closed at just under 65 cents per share. Interestingly, those puts I bought — the Dec $2.50s — ended the day unchanged from yesterday’s closing price of $2.10.
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