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Wednesday, 30 January 2013

close half of esh3 covered call position (buy 50 esh3 15Feb 1475 puts at 8.00) after FOMC. ESH3 should have traded higher on a dovish Fed and didn't, so perhaps we're getting something of a pullback at last (especially with the lottery of NFP coming up on Friday). If we get a pullback then the Feb puts are the series of choice to sell - but not at here. The trade's made 80% of the maximum possible, so better to have some dry powder instead.

closing NAV 107.1

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