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Oops, sorry! What I meant to say is no biggie if the stock doesn't budge and the implieds shrink to 70%. :D

I chickened out of the short straddle and legged into a few flys this afternoon, ending up with a pretty cheap 70/80/100/110 condor. Max profit about 5:1 between 80 and 100. So short some deltas here. But no biggie if the thing defies our expectations and gaps to $200 tomorrow as it should be...

No offense to mytwocents, but I'd have to say Virtuoso is the hottest chick on ET.

Arb, good idea. Now I have pick strikes. But with this thing, I should probably just throw darts.

Those implieds are ridiculous. I'm still toying with a fly, but the spreads remain outrageous. I'll probably revisit it in the last hour.

I don't follow it that closely, but on 60 Minutes last night, Bob Woodward recounted a promise made by Saudi Prince Bandar last year to ensure lower oil prices heading into the election in exchange for Bush's commitment to finally "take care of" Saddam. So seasonalities may not hold this year...

If Maverick has in fact been banned, a horrible precedent will have been established that will undoubtedly have a chilling effect on all members going forward. Mav's purported transgression seems rather mild compared to much of the give and take, usually in good fun, that goes on daily on this...

Hemp is the elixir of communion for braindead pinkos.

Hey ART, rather than waste your time here on those of us who have trouble following your fuzzy logic, why not do something really useful and go to Gaza City to serve as a human shield for the poor defenseless misunderstood peace-lovin' Hamas? In fact, why not take the rest of your cohorts in...

A couple points on backspreads. First, it's best to use intermediate term options. Otherwise, the scenario you described will be all too common. As a corollary point, imo, it's best to have a time stop that kicks in before the options are in the last 30-60 days to avoid getting killed by theta...

I vote that anyone twisted and moronic enough to select "Bush" above be prohibitted from the U.S. and be required to join the peace-loving Osama in the Afghan-Pakastani hinterlands. Don't worry. We'll visit soon via Daisy Cutter.

Mav, you and Ikspec nailed it. The worst hits I've taken in my career trading options have less to do with options-specific mistakes and almost everything to do with simple bad trading. In particular, though I've made more than a few options related errors, especially in my first year or two...

That's criminal.

Yea, its another wild one. I might look to do a cheapie fly on it a la RIMM. That way I can sleep at night. (BTW, it seems I left a buck on the table closing RIMM out early today. Damn beautiful spring day!)

Short deltas on that piggie, Arb?

splphil, I find that kind of idiotic moral relativism as exasperating as you do. However, it truly is held by only a very tiny fringe element here in the U.S. Unfortunately, it seems to hold wider sway among the Western Europeans. But perhaps they should be excused. After all, I can only imagine...

So ART, where'd you find that well-balanced summary? Perhaps from "The Hamas Historical Encyclopedia and Terrorist Training Guide"? That's a good read. I especially like Chapter 4, entitled "How to Mutilate Children Without Breaking a Sweat."

Umm, I Missed Boat, you missed point. I was mocking the cognitively challenged Electron for his ridiculous post, not agreeing with him.

Dumbest (and most utterly irrelevant) post of 2Q. As Murray would say, "Oy vay".

"Imperialism" of Israel? Really? Do you have any idea how Israel came to control the West Bank, or is there simply less substance to your knowledge of history than there is on Monica's blue dress?