Marketgems Earnings Trader- Trading Strong or Weak Earnings Growth

[jenna]

FITB did retrace to the 63.50 area and still holding puts after yesterday's long play in FITB which was closed. So now just holding FITB puts and BAC 70 calls. When one of them moves well either up or down, I'll probably dump the loser and try to run with the gainer. The financials are not trading that badly today and waiting for the sink or swim in BAC. I don't put much chance in BAC hitting 70 by August expiration, but I'd rather hold a small hedge call than put much real money into this market. The only way to hedge against a call position (which did rather well yesterday) would be to short BAC below 64.25 and slowly hew out some gains on the short side to counteract those calls.