Tuesday, April 06, 2010

Cover short SPY (sell puts)

I sell my SPY May 104 puts for a 85% loss. It was part of a vertical put spread that I entered when SPY was at 112. SPY rallied, volatility declined, and that means a big loss on owned options.

I still have the other leg of the position, so am now long SPY.

Long GLD, SPY, TLT

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