As last discussed here CCI has made several attempts to repair a trade in ANR by buying a 1x2 call ratio spread. With some recent positive movement in the stock, time to try that that once again. This time by buying 1 lot of Mar ANR $24 and selling 2 lots of Mar ANR $26 calls on Friday. That trade was done for a modest net credit if $.10/contract. If the stock can bounce back to $26 (still my adjusted book value) we will have more than recovered the loss in this trade.
FYI, This weekend ANR discussed shutting in a small amount of production. That could be a catalyst to change some of the dynamics for this stock.
No comments:
Post a Comment