By Bryan Bottarelli

I hope all our WaveStrength Option Weekly members are thrilled with the performance of their Pfizer January 27.5 Puts (PFE MY).

As I mentioned this morning in Radar, Pfizer (PFE:NYSE) announced that it's halting development of its key new cholesterol treatment “torcetrapib.” This was devastating news to Pfizer shareholders because Pfizer had poured $800 million into developing torcetrapib -- expecting it to fill the void when cholesterol treatment Lipitor loses patent protection in 2010.

At the open of trading, PFE stock gapped down $4 and our PFE January 27.5 Puts (PFE MY) jumped a whopping 960% from Friday's closing prices. If you recall, we entered these puts for $1.65 on November 15 and they traded as high as $5.30 in today's action. That alone is a 221.21% gain!

If nothing else, it goes to show you that selling at the open offers you the best bang for your buck, as nervous floor traders use the shock of announcements like this to push premiums sky high. And of course, we're perfectly positioned to take full advantage.

If I were to wager a guess, I'd think that PFE shares flatline for the next few weeks as both the bulls and bears try to figure out what's next for the world's latest drugmaker. As a result, taking profits off the table looks to be the best move.