Thursday, August 07, 2008

Sell SPY (buy back short puts)

Sell SPY covering short Aug 119 puts

Even though the probability of these options coming into the money is tiny, I don't like the way the market opens and slides. I am getting out with a tiny profit, decent in percentage terms, but tiny in real dollar terms. "Never let a profit turn into a loss."

Positions: long BUD, IBM

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