Further increased the position in the GS calls. Also sold the Google APR 440 put. These trades were done when GS traded under $200 and Google just above $445. GS is trading under PE 10 on forward earnings and could rebound fast once this is over. The Google puts represents a break-even of about 424 on the stock which in turn would mean a forward PE of 28.
Markets are in large playing out as expected. The question is if the washout this morning was enough to flush out the weak hands.
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