Tuesday, August 24, 2010

Sell TBT (cover short puts)

Sell TBT by covering short puts (TBT Sep 30, TBT@30.4). TLT continues to explode higher, and I take a loss on the TBTs. It is a huge percentage loss, a small nominal loss. It is painful to cover in a fast moving volatile market. However, standing there in front of the train, hoping the train will stop can be more painful.

Stock market is selling off, and my SPY backratio is doing well.

Long BRKB, GLD, TLT
Short SPY

/edit to add: for now it looks like I covered close to the worst point of the day.

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