China market cracks 8.8% in one day after a 126% run up in 2006.
I am taking some lumps. I roll down my C calls, buying back the Apr 55, selling the Apr 52.5 calls. This reduces my risk, lowers the profit potential.
Right now, the U. S. market is the tail on the dog, until events sort themselves out. I do not believe this is the time to be the hero and load the boat. I remain mostly in cash, with a small unhedged position in BA and hedged in C.
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