Tuesday, June 29, 2010

Sell SPY (cover short puts)

I cover my short SPY Jul 88 puts, SPY@104.1 for a breakeven profit. I am still short Jul 92 puts. I hate to do it, but in this fast declining market it makes some sense to reduce my exposure. There is a chance of a meltdown as support at SPY 104 has been tested so many times. Also a chance of a decent rally, but again in a fast market, it is a good idea to trade smaller and reduce risk.

Long BRKB, GLD, SPY*, TLT*
SPY offset by SDS, net long SPY
TLT offset by TBT, net long TLT

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