BUY +2 ABB 100 FEB 09 12.5 PUT @.60

I’m out of my short put on ABB to lighten my long positions in my portfolio. This position is definitely one of the higher risk because of the leverage in options. I shorted these puts at $1.20 two weeks ago. This represent a profit of $120 – $15 for commission.

ABB tested the 40 day MA on pretty low volume. It is hanging around the $13 mark today. However, the market looks weak as we’re testing the 850 resistance again on the S&P500 as we speak. So I’m unloading this first because if it breaks down, ABB could dive fast.

ABB Ltd.

Related posts:

1. Sold 4 MFC 10OCT Puts 17.00 @ @1.43, Mark $16.27, Loss -0.5%
2. Bought 3 CM 10OCT Puts 74.00 @ 5.65, Mark 72.30
3. Sold 4 MFC 11JAN Puts 14.00 @ 1.74, Mark 12.96, Loss 0.1%
4. Unloaded some more longs on this +50 points S&P500 day