******UPDATE****** 5/9 8:41am

CANCELLED ORDER ALTOGETHER, FAS TAKING A BEATING PRE-MARKET AND GONNA SIT BACK FOR NOW.

 

*****UPDATE******5/8 11:54PM

GOING TO WAIT AND SEE HOW FUTURES ARE IN THE MORNING. I MAY ADJUST THE COST ALL THE WAY DOWN .70-85 IF FUTURES ARE DOWN VERY NASTY, OR JUST LEAVE OPEN @.90 COST.

I AM STILL INTERESTED IN THIS TRADE, AND WILL POST UPDATE IF I CANCEL THE GTC ORDER BEFORE MARKET OPEN.

*****UPDATE***** 5/8 2pm

THE SELLOFF DIDN’T GET AS DRASTIC AS WE ALL THOUGHT. THIS IS STILL A BAD SELLOFF BUT SEEMS WE ARE HOLDING AT KEY SUPPORT LEVELS; FOR NOW THAT IS. THIS ORDER WILL MOST LIKELY NOT FILL TODAY, AND WILL CONSIDER CANCELLING IT ALTOGETHER TONIGHT, DEPENDING ON HOW WE CLOSE TONIGHT.

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Very small play here with a very lowball offer only will hit on a nice sized gap down.

RISKY PLAY, but I like it!

Order Details
Leg Action Contracts Option Description Price Duration
Leg 1 Buy to Open 5 FAS Call FAS May 11 2012 95.00 Call
Leg 2 Sell to Open 5 FAS Call FAS May 11 2012 98.00 Call

Debit 0.90 Good Til Cancel

If executes @.90 debit will turn right back around and set a GTC sell order higher than .90 limit. The amount will depend on how well the market is or is not recovering from the gap down.

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