December 13, 2016  Trade Alert  -  Honey Badger (JNJ Jamboree)  Portfolio

We have become negative net delta and we can take off spreads which will make us more neutral net delta:

 

BTC 1 JNJ 16Dec16 113 put (JNJ161216P113)
STC 1 JNJ 20Jan17 115 put (JNJ170120P115) for a credit of $1.70  (selling a diagonal)

BTC 1 JNJ 16Dec16 113 put (JNJ161216P113)
STC 1 JNJ 21Apr17 110 put (JNJ170421P110) for a credit of $2.27  (selling a diagonal)

Be prepared to change these price limits by $.05 or more in order to get an execution.

 
Happy trading.

 

Terry