Hype pushes Best Buy 13% - Put options to ride the wave back down.

Did you hear the news today about Best Buy CEO saying he will maybe make an offer someday that he thinks might come in around $26 a share if he can raise the money from a bunch of people that haven't yet committed a penny to the cause. And then did you see the stock jump 25% on the hype!

BBY closed up 13% as investors started coming to their senses and taking the gains on the beaten and bruised stock. There have been a few of these spikes for BBY over the past few months but none have shown any legs what-so-ever. Expecting this one to be exactly the same.

Placing a conditional order based on the sale of my Jan 2014 $1 Sprint call option. If that one clears for the price I'm expecting an order will hit for a $20 March 2013 put option for BBY. This option lost 30% of its value today on the ridiculous hype. I'll get that back in a couple of weeks.

I'll let you know how it turns out!
 

Thanks for reading!

Straight from the Chart 

Disclaimer:
Just to be clear, nothing that I'm posting on this blog is in any way advice that should be followed by anyone else. All investment decisions should be made carefully by all individuals taking into account their own financial situation and appropriate levels of risk. Do not take anything I say for anything more than it is, opinion, speculation, and woefully undereducated guesses as to how I think a few stocks are going to perform.