mate, yesterday was a portfolio win rather than any benefit from PLS. I had $5 calls which expired worthless so that’s just part and parcel of a trading position. 2 weeks ago was a shocker of a week as I’d taken the kids to the snow and couldn’t stay in touch with the markets movements and ended up $62.5k down from having to buy more puts as protection on a variety of other positions that I should have exited but didn’t have the wifi to do so… that happens too… just sometimes markets move like they do and punters get caught out.. QBE and AGL didn’t fall far enough to make the protected put profitable so I just had keep on rolling at my cost..
Anyway… yesterday PLS was just a day of write down on a call position, I did think about exercising $4.80 puts but I usually only do that if there’s a bit more juice in the squeeze as I re-buy put positions to hedge trading parcels, easy to do when it’s 50c on a $4.50 trade… anyway IGO more than made for the loss on PLS calls. For those that like to doubt… there should be 600 contracts on IGO September $14 calls at around 3:00pm at 25… I still have $5 September 14 calls so if there’s another rally in PLS those will pick up and we’re all back on the road again….
PLS Price at posting:
$4.67 Sentiment: Buy Disclosure: Held
(20min delay)