Gap Down

GPS, which has been a strong performer for me, announced poor August sales last night along with projection of lowered margins (as they have to put items on sale). The stock is down about 6% as traders sip their M cCafe Lattes.

It is ironic (but not funny), I had put in an order yesterday to sell calls on GPS for December with a $50 strike price at 95 cents. I could have gotten 90 cents if I had not been "greedy". I think it is fair to expect that will drop to like fifty cents today. Would have been nice to have gotten the ninety cents to supplement my dividend income.

Oh well.