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
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