OCTOBER OPEX—Faites Attention! (PKG, ADBE, META, AMGN, IAU, RRC, UNG, PCG, POST, XOM)

Today’s letter will be desperately brief.  If questions arise, please contact us via the site OR hit the reply button on this email.

We’ll do our utmost to respond in a timely fashion, but apologize aforehand if local pressures delay us.

1. Our PKG trade: Leave it be; we’re in-the-money and pre-market numbers are negative.
2. ADBE: Leave it be—should expire worthless. No gain, no loss.
3. META: On track for a loss on the CALL spread. ACTION: Set the February 16^th 310 synthetic PUT for a credit of $7.85 (35.35/27.50).  That will put us in a credit position of $2.75.
4. AMGN: Buy back the short CALL and set the April 19^th 250 synthetic short for a credit of $32.95 (40.05/7.10). That will put is in a credit position of $1.15.
5. RRC: Buy back the short CALL and set the March 15^th 24 synthetic short for a credit of $11.00 (11.60/0.60). That will add $0.10 to our current debit, bringing it to $0.46.
6. IAU/WPM: Leave it be. IAU will expire worthless and we’ll take a small loss of $0.20.
7. PCG: We’re facing a $1.00 loss on our short CALL. ACTION: buy it back and reset the January 19^th 15 synthetic short for a credit of $1.05 (1.52/0.47).  That reduces our current debit to just $0.02.
8. UNG: Buy back the three short PUTs and sell three (3) March 15^th 9 PUTs for $2.55 each. That will expand our credit to $3.85.
9. XOM: Buy back the two short CALLs and resell two (2) March 15^th 105 CALLs for $12.85 each. That will reduce our current credit to $2.67.
10. POST: Leave it be. We’re OTM at present, but just marginally.  With futures pointing lower, we may face a small loss.  We’re ready to risk it.

.השם מלך, השם מלך, השם ימלוך לעולם ועד

Eschatologically yours,

Alan B. Harvard

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