Pulled my rear from the flames!

I was short on MRVL. Before you call me a genius (but by all means do), I was about 35% down on this Aug. 50 put as of yesterday because I failed to keep my risk controls tight. I should have pulled the trigger at about 25%, but I didn't.

Anyhow, this morning, MRVL announed that it was buying an Intel unit in Israel for $600 million. The market seems to think that is too much, and MRVL dropped 12%, turning my 35% loss into a 50% gain.

Considering both that I had just been given a mammoth of a free pass (thank you God), and considering the Fed uncertainity that will be revealed on Thursday in a possibly hugely revealing move, I pulled the trigger and banked that 50% gain.

Just so you know I'm honest, last week I lost 10% on an OII put and a whopping 40% in six days on a DIA put (again, a failure of risk control). With that said, I'm up about 25% since the market began to tank about a month ago. I'm very proud, and with that statement, I've been completely jinxed. Expect these posts to become far darker in the near future...

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