GM's old stock - hey, at least I tried :)
So I got a call from my broker an hour ago and he says, "You know those GM puts you put in last night? They were rejected by the market maker."
Well I got a good chuckle out of that. I tried. I put almost all my cash into Sep09 $1 puts at .45 (the last trading price) overnight, just on the hope that trading might resume in the morning,
It was a worth a shot right? Anyway, I stayed on the line with him for a few more minutes to discuss the Genta reverse split and then we got back to GM and I asked him, "what about all those people that lost huge on their put contracts when it jumped 37% yesterday?" From his answer, it sounds like they're S.O.L. Ain't that some bullspit?
Sometimes, when you're right, you're wrong. Sure isn't fair, though.
David in Qatar