Well, after weeks of waiting, I’m glad to see that Bank of Nova Scotia (BNS), one of my long put positions, is kicking into gear. My puts are up 21%, and they don’t expire until next year, so I’m hanging on to these suckers. Intrinsic value is now 97%.
The longer-term chart illustrates how vulnerable this stock is, particularly if we get an honest-to-God bear market kicking in again.
Indeed, I’m so fond of BNS that I’ve doubled down by way of going long Bank of Montreal – ticker BMO – puts (also with an expiration in the year 2024). This is an impressive diamond topping pattern.
