Sell APC via selling Apr 87.5 calls APC@81.0
Baker Hughes (BHI) down on news, bringing down the oil group. I have lost my bullish conviction towards APC (Anadarko Petroleum) and this balances me to a slightly short position. I was already short Apr 75 puts, so my position is now a short strangle. Chart point of 87.5 is the high of the March 9 island reversal day that occurred on news.
APC already to 81.3 (0.3 move against me) by the time I type this up, so my recent string of really bad intra-day timing continues.
Long AXP IBM SLV SPY XRT
net long GLD IWM
net short APC