Bought +2 COF 100 AUG 09 33 PUT @2.20, Mark 32.10

I’ve entered a short on Capital One (COF) to substitute my accidental exit on VNO today. On a closer comparison of the two, COF seems to be more overbought than VNO.

We’re in a rangebound day again in the market, but we actually spent most of the time in the lower range of the channel. This could be a good sign or it could be another bear trap.

Entry: $32.10

Stop: $32.80

Target: $28

Reward / Risk = 4.10 / 0.70 = 5.85

Capital One Financial

Capital One Financial

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