Thursday, June 28, 2012

Cover WFM & ALXN puts

Buy back short WFM puts @92.6
I take my loss on Whole Foods, buying back short Jul 87.5 puts. Stock is not acting well and my loss is about 130% basis the initial option premium.

Buy back short ALXN puts @96.4
I also buy back my short ALXN Aug 75 puts. The loss on Alexion Pharma is a more modest 15% basis the initial option premium.

Basically, I am taking some risk off the table, and in the process am taking some big losses. As always when taking losses, it is impossible to know the future. I don't have a good feeling for these two stocks and am exiting.

Net long LGF
Net neutral IWM SPY TLT

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