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April 17th, 2014 at 11:49 am
SDS / Phil – I have the SDS play as a hedge and since you adjusted the DXD play, maybe it is also time to adjust this one. The original play is the May $27/$29 BCS selling the May $29 puts for $0.15 debit (SDS was $28.09 now $28.52). I think buying back the $29 calls for $.60 (sold them for $0.99), DD on the May $27 calls at $1.60 (originally $2.16 and lowering our basis to $1.69) and roll down the May $29 puts to Jun $27 puts for $0.37 credit ($1.02-$1.13+$0.48). What do you think?