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

[caption id="attachment_1672" align="aligncenter" width="500" caption="Capital One Financial"][Capital One Financial][][/caption]

[caption id="attachment_1673" align="aligncenter" width="500" caption="Capital One Financial"][Capital One
Financial][][/caption]

[Capital One Financial]: http://traderpau.files.wordpress.com/2009/08/2009-08-06-cof.png [Capital One Financial]: http://traderpau.files.wordpress.com/2009/08/2009-08-06-cof_prop.png