While waiting for rest of money to transfer I came across an investment in my selected list of industries that looked promising. The company is Joy Global (JOYG). Joy Global is an equipment manufacturer for mining industry and seems to be out of favor.
With limited cash, I was able to write 2 cash secured puts for Nov 2006. Reason for writing puts over out right buying stocks is that I wanted to get the stocks a bit cheaper.
Would appreciate any comment or info on this company.
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2 comments:
I made some money shorting JOYG earlier in the year and have since liquidated my positions. What makes you think it is going to be a good long play?
Overall financials look OK and I like the macro environment. Also selling puts gives me some downside protection.
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