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  1. Phil
    December 20th, 2013 at 1:43 pm

    Butterfly Collection looks like this:

    • We had intended to cover with a 2015 $50/65 bull call spread ($6) if TWTR broke over $58.50 and they have but let's give it a week and see what happens.  
    • The TSLA short Dec $115 puts will, of course, expire worthless and the short Dec $130 calls are $13.85 in the money.  Earnings are not until about 2/17 or later and Feb options expire 2/21 so we'll have plenty of premium to roll to after Jan expires, so we can just take those calls and break them up into 5 short Jan $135 puts ($4.50) and calls ($12.70) since we still have a downside bias on TSLA.  That drops $3.35 in our pockets.  Our March $140 calls ($17.75) can be rolled to a June $150/180 bull call spread at $9 and we take $8.75 off the table there but we MUST add another round if TSLA breaks over $150 (silly though it would seem – this is not meant to be a high-risk portfolio. 
    • CZR is on track and doesn't need to be played with.  



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