5200% ANNUALIZED GAIN ON PG&E SAN FRANCISCO GAS FIRE
We pocketed premium of $1.60 when we sold PCG Sep 45 put options a week ago. Yesterday, the option expired worthless giving us annualized profit of 5200%. Interestingly, we were going long PG&E stock when all Wall Street analysts, without exception, were downgrading the stock.
We will scale in a new long position or short put position if PCG dips below $43.50.
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September 19, 2010