We lead with our EXPO trade, the details of which can be found HERE.

In brief, we’re short one lot of EXPO shares with a breakeven of $112.19 and our protective 125 CALL option expiring this afternoon.

With EXPO now trading at $112.60 – and not having participated in yesterday’s buying forgery – we say the downside tumble here is imminent.

We’re recommending you repurchase an insurance policy (in the form of a near-term CALL) so that nothing cataclysmic enter the loss ledger.

Buy the EXPO November 19^th 115 CALL for $5.00 and wait.  Our breakeven thereby drops to $107.60.

Target in The Crosshairs; Meat For Dinner was our July 4^th issuance, and it urged you to purchase the TGT October 15^th 230/210 PUT spread for a debit of $3.87.

The trade is still a good one, as TGT stock is about as solid as a LEGO construct.

So how to deal with today’s expiry?  And the $3.87 loss it appears we’re about to take?

We’re recommending you sell the TGT November 19^th 230/240 CALL spread for a credit of $6.05 (15.15/9.10) and buy the November 19^th 230 PUT for $4.00.

That will reduce our debit to $1.87 and leave us open to profit on the downside.

NEXT!

Our TXT trade’s details can be procured HERE and summed thus –

We’ve got a $2.46 debit and are holding a short 65/70 CALL spread that expires this eve.

With price at $73.17, we’re acting as follows –

We’re shorting one lot of stock and buying a protective November 19^th 80 CALL for $0.70.

Our breakeven for the trade (and current credit) now sits at $70.01.

Mere spittin’ distance.

The particulars on our FCN venture are available HERE, and are as follows –

We have a debit of $0.92 and are short the 135/140 CALL spread expiring this eve.

That means we have to act.

Like this –

We’re setting the FCN December 17^th 130 synthetic short (sell the CALL, buy the PUT) for a credit of $10.55 (13.00/2.45).  We’re also buying a protective December 17^th 145 CALL for $6.20.

All told, our debit grows marginally to $1.57, but we maintain full downside exposure to an FCN decline.

And so we proceed.

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UPS is up next, and her details can be found HERE.

Bottom line is we’re short the shares with a $181.20 breakeven and our protective 195 CALL expires at today’s close.

No fooling around here.  We’re extending the trade with the purchase of another protective CALL.

BUT FIRST – sell the existing CALL for whatever you can get so the short position has no chance of closing, and –

Buy the UPS November 19^th 200 CALL for $3.00 even.

Our breakeven thereby drops to $178.20.

Taking Aim

Details on our KFY initiative can be sourced HERE, and they break down as follows –

We’re short the shares with a $55.28 breakeven and are holding a protective 80 CALL that dies this eve.

With little chance the CALL will be triggered, we’re recommending you extend the trade by buying the KFY November 19^th 80 CALL for $1.20.  That reduces our breakeven to $54.08 and gives us another month to fight.

Our XLF trade, whose details are available HERE, needs attention.

We’ve got a debit of $3.43 and are holding a short 36/39 CALL spread expiring this eve.

Exact numbers will only be available after the close, but it appears we’ll be sporting an enlarged debit of roughly $6.40 when the dust settles.

So we’re acting as follows –

We’re shorting the shares (now trading at $38.93) and buying a protective January 21^st 41 CALL for $0.65.

That puts our breakeven on the trade at roughly $32.00 (again, final tallies will be calculated after the close).

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Moving on to our KTB bet, whose details are HERE, we’re now looking at a debt of $4.10, while holding the 35 synthetic short expiring this eve.

Which means we gotta move.

Buy back the short 35 CALL at the close (or upon any intraday weakness) for roughly $15.00, and sell two (2) KTB June 17^th 40 CALLs for $12.00 each.

That will flip our debit to a credit of roughly $5.00 (full details to be known after the close).

Our BG trade has us holding two short 60 CALLs expiring tonight and a credit of $7.05.

Action required: buy back the CALLs at the close (or on any intraday weakness) and sell two (2) January 21^st 57.50 CALLs for $26.30 each.

Depending upon closing numbers, we’ll likely see our credit grow to roughly $9.00.

Exact, updated figures next week.

Onward, HO!

Name calling doesn’t help.

Our Deere trade sees us in possession of two 315 CALLs and a credit in-hand of $15.70.

With the company’s workers voting to strike, we see weakness ahead.

So we’re acting thus –

Buy back the two short CALLs at the close (or on weakness) and sell two (2) November 19^th 320 CALLs for $15.95 each.

That buys us a month and ups our existing credit to roughly $17.50 (full accounting available after the close).

And there we leave it.

Free choice is in our hands.

The G-d of Israel has decreed it.

.הכל בידי שמיים… חוץ מיראת שמיים

Everything is in the hands of Heaven, except for fear of Heaven.

Find it.

Eschatologically yours,

Alan B. Harvard

Follow @HughLOHaynew