| Dear Friend,
It was a flat week for the market but most of our portfolios did fairly well, except Vista Valley because NKE dropped 4.8%, apparently due to the Sports Authority bankruptcy. We offer an options play on NKE which bets that the downside move in the stock was likely to be an over-reaction. NKE is near its low for the past year in spite of 4 consecutive quarters of earnings that exceeded expectations by large margins.
Enjoy the full report.
Terry
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