If you follow my advice Friday on Bear Stein (BSC), buy both call and put options, you have already make a lot of the money on the put side. Now since JP Morgan is buying at $2 per share, it is time to get out of those positions, and collect your winnings.
I think the market still has some slightly more to the downside, but we need to watch the volume on the sell and long side. Don't be greedy, wait for the signal to get in.
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