I had an old short straddle on Merck (MRK) that I bought to cover today. These were converted options (I originally sold the short straddle on Schering-Plough which subsequently became MRK options). As such my broker’s software didn’t properly recognize them (crazy in this day in age). The result was that I had to phone in every trade that I wanted to make. So, I decided to rid the position (although I still retain the underlying 57 MRK shares).
Simultaneously, I had an order in to purchase more put options on ITB. The theory was long MRK and short ITB. However, the ITB trade never went through. Hopefully I can increase my ITB put exposure in the near future.
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