[Buying Puts on Transocean, Inc. (RIG)/Buying to Open Jan 70 Puts (RIGMN)/Day Order/Limit $7.00]
Dear Member:
Transocean, Inc. (RIG) has gapped down below recent support. I am placing an order to buy the Jan 70 Puts (RIGMN) at a limit of $7.00 for the day. If the play turns against me, I will exit on a move above $70.55 on the stock. One way or the other, this could be a fairly fast play.
DISCLOSURE: At the time of publication, I have no position in the referenced options or the underlying stock.
Sincerely,
Bill Kraft
|
