[Selling to Close Puts on Transocean (RIG)/Selling to Close Jan 70 Puts (RIGMN)/Day Order/Limit $5.70]
Dear Member:
Transocean (RIG) gapped down more than $2 this morning on a downgrade, and now seems to be holding near that level. Under these circumstances, I want to sell to close the Jan 70 Puts (RIGMN) and am placing a limit order to sell at $5.70 for the day. If filled, I'll suffer a $1.30 loss.
DISCLOSURE: At the time of publication, I own the Jan 70 Puts on RIG.
Sincerely,
Bill Kraft
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