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August 17th, 2007 at 1:56 pm
Talking about CROX, I was short some Aug $50’s puts yesterday, covered by some longer term puts. That was in fact the last puts position I had. These we worth $6 yesterday, I just bought them back from my caller better $0.15 and $0.20. This poor guy must be real mad right now. This is truly insane.
Of course my longer puts suffered a lot today, but they are still way ahead since the beginning of the drop and before the end of the day I am going to sell some Sep puts against them. This is Phil’s strategy of collecting rent every month and it works pretty well.