Friday, May 4, 2007

Dendreon (DNDN)

The breakout has been great, but no need for me to get piggish, I'm trimming back some more to take an additional profit.

And while my holding in DNDN is pure profit from the first surge a month ago, I decided to hedge it today with May10 puts... not a lot, but enough to more than offset a negative surprise. I'm confident there will be approval, but with folks buying May50 calls today, there's a crazed mania over this stock with everyone expecting perfection. Again, I think it gets approved, but with so many expecting to get rich over night, the contrarian in me came out and I've picked up some protective puts.

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