12/21/2010 ADBE ER trade solution

Last night's ADBE ER, beat by 1 cent, with record revenue, AH jumped to a high of 32, closed at 30.66. TOday its range is at (30.28, 31.15), closed at 30.93, +1.75;
For the ER trade solutions:
Bullish:
Sell 28/27 PUT spread for 0.33; Today the close is 0.07, gain of $180 - fee.
Buy stock and sell 29 call for 1.75; the call gain 0.39; so the gain is 175-39 -fee
Bearish:
Sell 31/32 call spread for 0.27; closed at 0.35; lose of 80+fee
Short ADBE and sell 29 Put for 1.5; -175+ (150-23) = lose 45 + fee.

As the IV drop after ER, the Bearish bet loss is not as big as bullish gain.