EFTA02601757

From: jeffrey E. <jeevacation@gmail.com>
Sent: Thursday, July 12, 2018 10:51 AM
To: Paul Barrett; Richard Kahn
3. I am still long the August 280 SPY call. It was also a small $50K position. We paid $1.55 for the options. It closed
yesterday at $1.92. Time decay will start to hurt and I plan to unwind next week. I expect equity inflows to continue next
week and will use any market strength to unwi=d (targeting $3.00).
SPY 280 call= at $3.05 (we paid $1.55). The SP500 is bumping up against 2800 which has been a big resistance level this
year. If it breaks above 2800 I think we could test 2840 in short order. So I am looking at the following:
• Sell 350 contracts of the Aug 280 SPY calls for $3.05
` Buy 350 contracts of the Aug 284 SPY calls for $1.27<=>
• Take $1.78 off the table and be well positioned if we =reak above 2800.
Are you OK if I decide to do that as opposed to just=taking profits?
Not yet. With =onald in Europe this week I thought we would get a week free of tariff thr=ats and a market rally into
Friday earnings. Futures down 50bps. Bou=ced off the overnight lows. Will keep you posted.
At $2.30. Market rolling over.
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EFTA02601757