Back from Greece and looking to fire up the blog: ahead on short ZC position from 760; about to break through 735 which has been the repeated low of the last month:
Prior to the summer run up Corn was in the 550s. I have no idea if it can rapidly return there but feel this is a decently safe position to enter into an extension of the position. I did the same on the LULU short, less for technical reasons than increasing fundamental conviction at 68:
I’m down on the effective ZNGA long position (by shorting Jan 13 & 14 puts at 3 & 2.5; the premiums got most of the move down and I also feel there isn’t much further move down there but perhaps could have waited a bit longer to enter the position: now trading underneath net asset value makes the risk minimal I think.