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that would far overvalue the preferreds if you use that calc.

i still can't figure out the prices of the preferreds. they are trading between 32-40 cents on the dollar.

i understand the $3.25/share conversion price but why would a c-i be trading up? what am i missing?

i put on a different spread in april that i think has a chance of getting near the low strike that gave me a 75 cent credit. we shall wait and see how things work out.

yeah i saw goog and i saw aapl too. the gs puts are crazy too. actually, there are a lot of crazy 1:2's out there. i'm also in a call spread for gld but that is more of a bull play than a credit play.

...that is the basic trade... i like making what is almost free money. none of the other major etfs (dia and qqqq) pay a credit to put on a trade with a breakeven that is more than 50% lower in the next 4 months. the size and ratio is to be determined. what i am trying to figure out is...

i included the month in the subject of the thread. sell 2 june 40 puts @ .40 buy 1 june 45 puts @ .60 you make money all the way down to 349.80 on the spy. if the spy is between 350-450 you can make up to 5 dollars more.

i am as bearish as anyone but the prices are crazy. you can get credited almost 20 cents to do a 1:2 put ratio at the 40 and 45 strikes. what am i missing? this trade seems too good to be true.

stop trading immediately if you are asking a question as basic as this. do some reading and watching the market and then try to trade a year from now.

we all know that everything good about trading is learned from a book.:p

have you tried a credit union?

rofl...proving myself on elitetrader and getting myself in trouble with compliance aren't 2 of my top priorities with my trading.

lol you got it! i just sit around hitting market buy and market sell all day burning thru my infinite paper trading account. go buy some more fannie and aig.

you do understand that it is more important to get out of the trade when it is going against you rather than to worry about a couple pennies in slippage, right? if you sit there trying to screw around getting hit on the bid when you are trying to cover a short rather than just crossing the...

i trade size bigger than that. it's not a big deal if you know the situations you are getting into and know the stocks. when you get in the trade you already have a decent idea of what kind of slippage you will generate getting in and out.

rofl and it's listing on the scamex i will give my right arm to get this thing short. if this thing actually opens above 10 it is the biggest layup short IPO since virgin mobile. well i guess you can include the LBO firms like BX and FIG too but VM was a total piece of crap. it got...

rofl he doesn't trade that much size. it doesn't take too long to get out of 9000 shares on something that trades a million a day. the liquidity is there.

i think he could be a personality of cold/c-kid

rofl...im glad you bumped this because the OP is a douche

ok i'll be civil....how did you lose money on something you were 100% correct on?