Sold BNI Naked Put

After writing about Burlington Northern Sante Fe (BNI) a few weeks ago I might have misjudged this one today.  I put a limit in for BNI this morning based on the idea that the chart looked like it would pull back a little bit sometime in the next few days.  The premiums were nothing special this morning, but on a slight pullback could be good.  That pull back happened sooner than I thought and the premiums jumped quicker than I thought they would.  While BNI traded at 80.77 I sold one November 80 naked put (BNIWP) and received $309.25 after commissions.

I am happy that I waited for the order to the extent that I didn’t go in a market price, so overall I still like the trade.

Technorati Tags: naked puts, investing, stocks, options, covered calls, options strategies, trade, trading journal, trader’s journal, stock journal, finance