You never intend on have a swing in this type of market environment, but sometime it working in your favor. Risk Management is all we have in this business. JPM SEP 52.50 C was purchased and then averaged into more during the eod tanking fest. Level II was not showing any buyers and looked pretty gross, as Friday’s is a Pin The Option day. JPM got bids the next morning and this trade was flipped In @ .55 average to Out @ .89.
This underlying security was hit by the news articles.
- Bank of America (BAC -0.5%) and Citigroup (C +0.1%) are started at Buys with $17 and $59 price targets, respectively, and Wells Fargo (WFC -1%) and JPMorgan (JPM -1.1%) are begun at Hold with $45 and $56 price targets, respectively.
In addition to the upgrade to Strong Buy, Oja lifts his price target to $61 from $55