Never bet against RIMM

RIMM can be a mean, mean girl sometimes.  I’ve lost my share of pre-competition money to RIMM and also been too nervous to keep a winner and given up over $20,000 in profits by selling too early.  These days with only $5k starting in an account, I need to be more cautious and pick better entries and exits.

This isn’t the best entry, but hopefully will be balanced out with a better exit.  As for right now, I’m looking at greater than a $300 loss on my gamble, but since I’m too stupid to just exit right away we’ll see what tomorrow brings us.

Bought:
RIMM Jan08 $120 put (RULMD), 3 @ $16.15
  stock price entered $113.70