Close the Blackstone Calls and Puts for a 333% Gain

aplus's picture

The US markets are getting very volatile due to the gridlock in Washington DC over the debt ceiling and budget, this can be a good thing since we are seeing option premiums increase.  We have had a great run up in Blackstone (BX), our December $24 Calls are up 253% and we are selling them now at $2.51 to close that position.  We also have December $20 Puts that are up 80% and we are closing those at $0.15 cents as well.

In the event that the government can't come to a sound and timely resolution to the current issues, markets could pull back much further than what we have seen over the past few days, and and we're being prudent about taking some risk off the table and protecting our gains.

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