The market has been rough the past few days and looks like it is in correction mode. We are dealing right now with drops in LVS and MGM (two of our bigger positions). We have unwound the CME covered write we had on at a reasonable profit. We are trying to decide if we will write calls against the other stocks we still own, or sell them.
Sandisk (SNDK) is a stock we bought last week. We had a good profit on it coming into this morning, but Goldman downgraded it and the stock is opened below where we bought it.
We are not expecting a huge correction here. Nevertheless, we need to hedge or liquidate some positions. There is no sense giving back too much of our gains.
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