CountryWide Financial - COO resigns - LEAP Puts?

[BK]

Did anyone see that the COO of Countrywide resigned the end of last week?

CountryWide is headed back to earth? Are there any recommendations for a book on Leaps - Leap Puts a safer way to short - true?

Sub prime lenders have been taking up way to much business over the last few years -

Any thoughts?

[jk]

i'm currently sitting with short positions or jan 07 or jan 08 puts on:

rkh - regional bank etf
bac- bank america
cof- capital one
mbi- mbia
jpm - jp morgan
gm- [my own mortgage is held by gmac- 30 yrs a 4.875%]
f -ford
bkuna- bank united
fnm - fannie mae
mtg -mgic corp
fre- freddie mac
cfc- countrywide finance
leh- lehman bros
wm- washington mutual
gdw- golden west
bsc- bear stearns
acf -americredit


[i also hold a number of shorts or puts on tech stocks]

god knows if it will work out, but i sure put my money where my mouth is.

[BK]

JK,
I think you are on the Right Track - Any good book on LEAPS/opitons you can recommend?

My understanding is and - I've been reading/educating myself for a while - uncovered Leap Puts - my maximum downside is the cost of the 'Puts' -
Correct??

I like Country Wide as a short because they are a Sub prime lender - and I think they are likely to take it on the chin harder than other banks.

[jk]

JK,
I think you are on the Right Track - Any good book on LEAPS/opitons you can recommend?

My understanding is and - I've been reading/educating myself for a while - uncovered Leap Puts - my maximum downside is the cost of the 'Puts' -
Correct??

I like Country Wide as a short because they are a Sub prime lender - and I think they are likely to take it on the chin harder than other banks.

your broker should be able to supply you with the standard little booklet explaining options. you are right- as long as you BUY options, either calls or puts, your risk is limited to what you paid.