AZO is off like a rocket ship this am which isn't good for my puts. This is a result of the good earnings report at advanced auto parts (aap) yesterday after the bell. AAP is currently up 13%. The aap conference call is coming up at 10, so I will listen and decide what to do, cut bait, add, or just hold.
Also, I bought some puts on the regional banks, KRE, at the open. I absolutely love this position until I hear a solid bank plan from the Obama administration. I have been riding KRE down for a while. I think the "stress tests" are going to show that our banking system is all but insolvent. My fear is that the administration is holding the mark-to-market announcement in their pocket for a day they really need it.
So more than ever, its time to be nimble and take profits...
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