NBG closed

NBG got hammered on news that it was having a secondary.  My long play was the Jan. 16  calls with a 10 strike against the Jan  16, 5.5c short calls.  In other words, sell the 5.5 to pay for 3 10 calls (plus a credit).  The dilution makes it less likely that a move to 10 is likely.

Although my original theory was wrong and had I taken a stock trade I would have been run over, I made some money on the spread.  This a reason why I like ratio spread -- you can be very wrong and make money.  If you are very right you make a lot of money... as long as your not just kind of right.