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February 25th, 2014 at 9:55 am
NFLX/Jabob – $450 today. Why not $900? Time for Prince….
BBRY/Albo – Don't forget my much less than enthusiastic interest:
Great timing on that one, Albo.
Oil (/CL) round-tripping yet again, back to $101.50 but failing this time.
TSLA/Mill – $240! Son of a bitch! At the moment, all you can do is buy more long covers and ignore the rest and see if this sticks. I'm not clear as to whether you still have short front-months or not, the short Feb $220s expired worthless on Friday, as expected so I can't imagine why you have more?
Anyway, I see 32 short Jan and June $195ish and 12 short puts and 20 $70 long spreads that are almost 100% in the money. I assume Jan 6 is your secret code for 2016 and that $180/250 bull call spread is just $32. You can add 20 2016 $250/320 bull call spreads for $20 and that would include buying back 12 of the short $250s, leaving you with net 12 2016 $180s and 8 2016 $250s covered with 20 short $320s.
That's a pretty big spread and you can set stops on 3 of the $180s ($88) at $80 and 3 at $75 and 3 at $70 and $3 at $65 – to get you more bearish on a pullback. Then you just have to see where things calm down to deal with your short-term short calls.
ZU/Albo – Because Cramer said so?