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Nah, deleted.

Hmm...well it's a 1/2 billion dollar trade, so I'd assume that they know what they're doing. A good looking trade, but I don't understand your statement. Assuming that they keep the trade intact, what about the scenario of the calls ITM enough to be assigned before ex-div? Then they'd lose the...

Ugh, not a pretty sight. Total costs 66.94. Total realized profits 105.50. The profits came from the SPY shares trades - which were decent. Didn't do well with the options. Add that to the 300 initial credit. The ratio spread is down about -10 pts. and the shares are down an additional 20...

So they're long 5 million shares. What might costs be for a trade this size, if any? Not exactly free money, risk above 110 before ex-div.

All we need is a lil' ol' hurricane or a small Middle East war and BANG!

Or consider this. Had you bought the 99.5 and sold the 100, you may have managed a profit. And had the trade worked out as you hoped it would, you wouldn't have your 450+% ROI, but assuming a .18 entry on the spread, still a 150+% ROI net of costs. A 320 profit vs. the 330 that you were...

Well that's it for now. I like the ratio spread now. I'm not that worried about the upside - except, you know how weird Fridays can get before a holiday. As a trader, I hate holidays. So far, position ES ratio spread + 100s SPY and -2 SPY aug 2000C Can buy back the SPY calls at little...

Buy 2 SPY AUG 200C at .50

Sell 200s SPY at 200.49

Sell Aug ES 2000C at .55

Buy back the Sep5 2010C at 3.60 at 6:33:39 this morning. That's PDT

Buy back 200.65

Sell 200s SPY at 200.79

Sell 1 ES Sep 5 2010C at 4.30.

Bought back the ES Aug 2000C at 2.25.

Well, now that the SPY hedge is pretty useless, I'll try something else for upside protection. Short nap, then errands - got some orders out.

EOD position ES ratio spread + 300s SPY and - 4 SPY Aug 200Cs. Not looking too sharp today.

Sell the Aug. ES 2000C at 1.65. Not sure if that was a good move. We'll see tomorrow.

Buy 200s back at 200.07. Pretty slick little scalp and it only took three friggin' hours.

Sell 200s at 200.15. I still like the long side, but try a little maneuvering here to reduce cost basis.