Couple Quick Bank Trades

by Dan August 26, 2011 12:08 pm • Commentary

A little bit ago on “Quick Hits” i stated that I was reducing some short term bearish positions and adding some short term bullish positions…..I just reduced my JPM Sept 34/30 Put Spread at .76.

2 TRADES: I bought BAC at 7.60 and bought MS at 16.70…..

If the Market is going to shrug off this sort of news then the banks have to participate, I think there is a good chance that BAC can get back to 8.50 and MS which is just a few % off of the recent lows should go up in Sympathy…..

Also added a Sept Call Spread in AAPL for expected announcement, not release of iPhone 5 in the coming weeks.  (read here) and I added some Sprint common stock to my Feb12 4.5/6 call spreadat 3.25 as stated on Quick Hits this morning:

Aug 26 2011, 10:23 AM

Dan: Sprint, I just bought some common stock at 3.25, right where I bought it on Monday....sold later in the week at 3.65...I am still long Feb 4.5/6 call spread