[Russ Winter]

The feeding at the trough of high premium options that we have enjoyed  feasting on since August has largely run it’s course.  The VIX is trading at 24 (chart). The VIX tends to bottom in the week before XMAS, but I am going to sideline until we have something to work with.  No Januarys will be sold. Accordingly I bought to close XRT Dec 51 calls expiring tomorrow at .64, a little early.  I still hold the XRT Dec 52 naked calls for expiration.  TIF will likely be called away Friday, and COH is 4 points out of the money, and will expire, so those trades are in the bag.  I am eyeing some things as mentioned yesterday, but am going to wait, and will report in due course.  So I am mostly clearing the deck. Ditto for IWM Dec 73 naked calls bought back today at .12.  I am straight short SBUX with an expiring Dec 39 covered put.  I am straight long the SPY inverse, SDS.  Right now the market is in a vacuum which sets up risk for a bizzaro world ramp, that is not worth taking, considering that options are being sold too cheap.















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