Sell APC (cover short puts)
Buy back 1/2 of my APC May 75 puts @79.3
I lighten up my long position on Anadarko Petroleum. Support is near, but I have way too much exposure. The loss is a rather stunning -78% or -350% depending on how one calculates, in percentage terms, but not so bad in dollar terms. Much of this year's profits are at risk as my delta is increasing with each move lower. I am still net long APC, but not quite as much. I do have some APC Apr 77.5 puts and they may come into play with another big down day.
Long BA BRKB IWM LGF PG WFC TSLA
Net long APC KORS LEN SPY