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July 22, 2012 / redman59

Position Update Ahead of Fed

With 10 minutes to go until the Fed Release I closed half of my SPY puts that I put on yesterday for a 9.6% gain. Yes if we do see some selling I will regret the decision but my plan was to play the dip with SPY puts and look to go long. So I still have some short exposure on. Also this morning I did put on a bull bias option position in NKE. Its in an area that is low risk so I allocated 6.8% of my account towards the position. If the market turns south the remaining SPY puts will work (currently 2.5% of account) and I will be able to exit the NKE for what should be a minor loss.

Current Positions with allocation:

Short Bias:

-SPY Single Puts @ 2.5%

Long Bias :

-NKE Bull Put Spread @ 6.8%

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