Thursday, February 11, 2010

Buy SPY (close long put)

Buy SPY via selling the Mar 102 puts that I own, for a tiny profit, SPY at 107.05. Time decay is starting to accelerate. I entered this trade as part of a 102/94 vertical, and am still short the SPY Mar 94 put.

Yesterday's trade selling TLT puts was about as poorly timed as any. Soon after, TLT dropped on “saber rattling” by Chinese military officials saying that their government should sell some of their treasuries. It happens (SPY drifting lower as I type this up, too--I don't have much touch right now.)

I may sell a March GLD put soon, but would like a better entry point.

Long GLD, SPY, TLT, TM

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