MM - Update

Here's an example of what can happen when you don't do all the research before establishing a position.

I was up late the night before looking for new positions and didn't research this one as good as I should have. I was very tired and just wanted to get this over with so I can go to bed. As it turns out, MM is being acquired by SIMYY. I usually avoid takeover stocks and would not have established this position had I done the research. Oops!

Fortunately it's a short-term position (only 22 days to expiration) and will most likely get called away. If not, I'll probably close it at expiration or sooner.

Lesson learned! From now on, no more late night analysis and no shortcuts. All new positions need to be thoroughly researched, including the current company news, before establishing them.