Too long for twitter …

We sold a lot of September options a couple of weeks ago.  And I’d like to do more.  But when I stress test positions, they don’t look that good.  For instance, some out-of-the-money puts are trading at half the stress-test value.

As a result, we’ve bought back most of our short options, and are looking to close out more before tomorrow’s employment report.  We’re not doing any new selling for the moment, even with VIX above 30.

– Don