| Dear Friend,
It was one dismal week for both the market and most of our portfolios. As has been our strategy several times this year, we did not buy back expiring out-of-the-money calls this week, hoping for better prices next week. So far, every week we have followed this way of doing things, we have been rewarded with better prices in the subsequent week.
Enjoy the full report (as best you can), and the Super Bowl for sure.
Terry
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