A couple position updates
Couple housekeeping notes. Corning’s down 10% this morning after announcing that the quarter’s not coming in as planned, mostly because of a big order cancellation. I’m working on this one right now and will have more analysis and a playbook for us in a bit on this one. Mea culpa in the meantime.
Also, on I got a few questions like this on the AMR trade:
Cody… I made the AMR trade at .226 and so far it’s working… since I haven’t made this type of trade before what would you guess would be a good target sell price range.Thanks so much,Jerry
AMR’s now trading over 35 cents a share, meaning we’ve just nailed a 40% gain in less than two hours. That’s probably not a bad place to start taking some gains. But the answer to Jerry’s question really depends on one’s own risk-appetite. 40% gains in two hours might be plenty for some people. Others might want to hold on for a day or two as James’ bankruptcy trade playbook dictates. You could also sell 1/3 or 1/2 of the position here and try to have your cake and eat it too — if it drops, you locked in some 40% gains and if it keeps running, you’ve still got upside exposure. I’m holding all of my AMR for now.
