Tuesday, March 3, 2009

AZO mistep



I was wrong, AZO reported solid earnings this morning, and its stock is up handily in premarket. Today's actually is horrible for my puts. I will monitor the stock this morning, and listen to the conference call at 10 to determine what to do next. This one goes into the CBRL category as I was burned by both by their earnings announcements. I will not add to this position, so I will either hold it, since I own June puts, and there is still time for a breakdown, or scale back my position, or sell it entirely today. I am interested to see if it is able to hold 149, as it has been unable to close above 149 in the past.