Garage mechanic market and another update on the AMR trade

Good morning and welcome back to the garage, where you better know and trust your mechanic, or he might have stolen your engine by the time you go back to get your car, a la MF Global.

The markets are having a hard time extending the gains that they ended yesterday at 4pm with, but then again, if you step back and look at it, they’re still up 3% plus over the last two days.

As for trading, I’m letting go another 1/3 of my AMR trade up here near 37 or 38 cents a share or so.  Will sell the last 1/3 of it tomorrow no matter what happens.

And I’m buying more yet more LPS puts today. I’m going to also start bidding on some more WFC and BK puts today too as I’ve got a pretty full position on the LPS by now.

I hope you’re taking your portfolio’s needs more seriously than Jerry took his car’s needs.