Thursday, July 12, 2012

Close LGF puts

Buy back short LGF Jul 14 puts @14.1
I cover one layer of my short LGF puts, these go out at net break even. I am still short multiple layers of puts and calls, still net long on Lions Gate Entertainment. I will be traveling next week. So don't want to dance that close to the flame during expiration week. I am not unsure of my computer access.

Stock market continues lower, today would make six red candle down days on IWM Russell 2000 ETF. I am tempted to double up on short IWM strangles. Also tempting is to sell puts on EWZ Brazil Fund, or sell vertical put spreads on IBM or UNP. The phrase that comes to mind is "let someone else be the hero." Meaning, let the more nimble traders try and call the turn and brag about buying the bottom.

Net long LGF IWM SPY
Net neutral TLT

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