Buy APC via selling Jul 75 puts @88.2
I open a July position in Anadarko Petroleum. A decline to 75 would wipe out all of the gain for calendar 2013. APC has been my biggest winner for the year.
Some of my earlier put sales for this month are taking on water. However, most are still out of the money. It remains to be seen how bumpy the ride will be. I came in with a lot of dry powder and am deploying some.
Long APC BA BRKB HOT IWM LGF NTAP PG SBUX
Net long SPY