At least for the moment, I'm cutting losses at this time. Just a couple of days ago, the initial pick was down over 25% (as WB had bounced an additional 25% from my NEG call at 14) and while it may continue to fall further if I hung in there, I'm not sure where the market or the financials are headed. So as I move towards a more positive market stance, the NEG call on WB is rolled off - at least for the moment.
I still don't think the financials are close to where I want to my money, but I'm not sure I want to be on the short side either.
$15.58 (08/13/08)
