Wednesday, August 15, 2012

Rebalance LGF (sell puts)

Sell LGF Sep 14 puts @14.3 I rebalance to long on Lions Gate by selling these puts. I was already short Aug 13 puts, Aug 16 calls, Sep 13 puts, Sep 15 calls. The rally had moved my position to net short. A spike in volume sometimes marks an intermediate top for LGF. While volume was on the high side yesterday, it wasn't as big a volume spike as some previous tops.

I feel uneasy about selling these puts. The short strangle is narrow at 14/15 (short Sep 14 puts, short Sep 15 calls). We will see how it works out. Lions Gate has the movie The Expendables II out this weekend.

Elsewhere Berkshire discloses some buys and sells:
sales: ir kft intc ups pg kft ge v
buys: psx nov via bk dva dtv wfc ibm
Because BRK is such a big and public player, their moves are news.

All my August positions look to be safe for expiration this Friday. My IWM and XRT positions are back to near neutral. Again, this happens as the prices move without me buying or selling.
 /edit to add: sold another layer of puts later in the day, LGF Dec 11 puts with LGF@14.5

Long AMGN BRKB ESRX EWG KFT
Net long LGF SPY
Net neutral IWM XRT

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