we just closed our bucket 2 long in MS…taking full profits after taking half off on oct 19th:
Closed the second half and rest of MS long at $17.10…
We are at the top of the range and options expiration is squeezing the tape. Upside is limited and downside on MS may have room to $14 if CDS buyers again hit the banks in following weeks…credit widening could move to the u.s. very quickly. Risk/reward and general risk mgmt dictates we take full profits in MS while we can.
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