Today I took the opportunity to roll forward some of my March puts to June. I figure the market is more likely to be down far by June, but there may be a post-Obama bump in the market that would put too much pressure on my March puts. The honeymoon won’t last more than a month (there is evidence that the honeymoon is actually already over) or two though so I am fairly confident that June puts will be profitable.
I also took a fairly opposite position, and increased my BofA and Citi holdings. Both firms would be doomed, if our government were sane, but I don’t think that the fed will let either one of these fail. They are definitely going to get a bailout. I figure, if they are going to get bailed out with my money, I should at least get some of that back.
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