Thursday, May 31, 2007

Quick Update

Sold June $40 calls covering the entire FormFactor (FORM) position at 1.05. I'm growing more and more cautious right now. I am probably going to start selling more calls and possibly buy puts and/or begin shorting if the markets continue to tear it up. We've definitely been on a heater, that's for sure.

Just for record-keeping purposes, FORM basis is now effectively 35.72 once we include all covered call activity.

And, a quick note on International Game Technology (IGT)... so, they signed an agreement with Microsoft to help them distribute and develop the new surface computing product, Microsoft Surface. It's quite possible that some of those in the know about this deal were the sources of speculation about a potential buyout of IGT. We'll never know for certain, but I always find it fun to think about this sort of stuff.

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