Round 1 to Wall Street

From Washington comes the news that the Minority has won their first major amendment to the Dodd financial reform bill.

And once again,

We, the People, lose.

The next crisis will give us a choice of hitting the taxpayers (again), or precipitating a depression deeper than the 1930′s.  Nice going.

The silly part is that the amendment that would really work, the Brown-Kaufman SAFE Banking Act, is not even part of the discussion. 

Shifted Long on IOC

IOC hit my downside target of $60 today, and as it bounced back, I lifted two legs of my 4-part option position.  Sold the $65 puts and bought in the $70 calls.

I suppose I could have saved myself a lot of trouble by putting on the original trade (selling the $60-$70 put/call strangle) and just letting it ride.

But if you’re watching, why not do something?  My Zen Master would disapprove.