I
covered my short Dec 30 puts for a huge percentage loss (-350% basis the premium). I played with fire and got burned,
staying too long at the Lions Gate bull party. As always, there is the chance that
this is the bottom.
However, the loss is already more than I
typically want to take. It is the big risk of selling puts, a quick dive
in the stock price. I sold these puts when the stock was about 35. I am still short Dec 39 and Dec 43 calls, but the
premium from those do not balance out the huge hit I took on the put
side of the short strangle. These things happen.
Long
BA BRKB GDX GILD IWM IYR
Long
KORS M NSC WHR TM XOP XRT
Net
long APC
Net
short LGF
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