Decision Time

It's decision time. For me, it is an easy one. Cole Real Estate Investments (COLE) received a buyout offer from American Realty Capital Properties (ARCP). I wrote about COLE on June 20 and June 21, right after its market debut. I liked it as a standalone holding or as part of a more diversified income and real estate investment trust portfolio. Either way, that changes today -- at least until I have more time to analyze ARCP and the deal. In other words, I've sold my shares. It is a huge move from the June $10.50 to $11 range and I see no way to pass it up. Plus, the ARCP is only $13.09 in cash and I'd only be seeing the $14 or more valuation if I were getting shares of ARCP, which means I'm beholden to the price and movement of ARCP. I simply haven't done enough work in the name to have that level of comfort to risk the big gains in COLE now.

Yesterday's earnings trades are doing very little this morning. I could have cut half my Norfolk Southern (NSC) trade flat right after the open, but I've made the decision to close the short November $75 puts before day's end. These don't expire until mid-November, so the move higher is favorable. If the market enters a short period of profit-taking or correction, even a strong name like NSC could be pulled lower, which would put the calendar spread in a sweet spot. If, however, the market rebounds, I will consider taking this one off the table. My focus will be on the relative strength of NSC compared to the overall market, specifically the large-caps and other names in the transportation space....136 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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