genuine alpha or unforseen beta

Still sitting in MBIA. Saw a lot of interest/volume at my $15 mark yesterday. People are starting to realize that this may not be far fetched for Jan '09. The price hasn't moved nearly as much as I would have hoped. The delta on this play is disgustingly low.....

Great idea

So much for financials hitting bottom... Sector down (3%) today.

MBIA has turned out to be a great play. The equity is up over 60% since entry. My option has not moved much though because the market is not pricing this as a sustainable gain.

At least I beat the professional money in....