re: rio up in us and london ... to rembrant et al Thanks Apk001,
I understand what you meant now and agree 100% with what you are saying.
With a synthetic long such as the position I have, if RIO is below $34.50 on 24 Jun I can roll the Put position out by buying back the Put at a loss and selling a new longer dated Put expiring later. The potential problems with this are that if RIO dropped till the Delta on the option approached 1 it may be exercised prior to expiry, and if RIO continues to stay below $34.50 I will eventually have to take the loss.
Thus the trade does have risks, but I believe that RIO will be above $34.50 at some stage this year.
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