I initiate a backratio on AAPL using Nov 230/240 puts, selling two 230s for every 240 bought, AAPL @292.0. The backratio is a net long position, there is an explosive profit possibility on a measured decline.
The max profit is if AAPL lands on 230 at Nov expiration. Losses pile up if AAPL moves sharply lower and is below 220 in Nov. If AAPL is steady to higher, I pocket the tiny credit.
Long AAPL, BRKB, GDX, GLD, SPY, TLT
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