Buy back the Citigroup Apr 52.5 calls, sell the Apr 50 calls.
Normally, I might just take my lumps here and move on to the next stock. However, there is multi-year support at 50 on the long term chart. I am still underwater and locking in a loss even if the stock moves higher from here. Rolling down does give me more downside protection and less exposure.
Like I wrote yesterday, the bottom is probably not in, and calling bottom or top for that matter is not a profitable game for the majority of traders.
It has been a painful week, even with my very limited equity exposure, and hedged positions, I have taken my lumps. Those still in high flying stocks or worse, on margin, are probably going to have a very long and difficult weekend.
Currently positions, all longs
unhedged: BA, hedged: C, CHRW
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