We survived the settlement numbers.
It looks like we survived the settlement numbers, thanks to a little help from IBM and Bank of America
The DJX settlement was 99.67. Eventhough We had 133 points to spare, it was a lot tighter than it finished.
The only position that looks to be of any concern is the UGA 36 call, which is as of this email trading at about $35.80.
The bid ask on the UGA OCT 36 is NB - $0.20. We are going to hold to the close and act accordingly, if necessary
Please monitor this position, if it continues to trade under $36 up to the close, you need do nothing.
However, if it looks to trade over $36 near the close of the day, be prepared to exit with a
market at close order. Remember, if any short position is in the money you will be assigned the underlying security so
be sure you have no short option contract in the money at the close of today.
Eventhough we have no other serious concerns for open positions, always be aware of the need to close ANY position
that is going to be in the money before the close today. Always respect "Murphy's law".
Recap on October positions later tonight and the start of the November watch list.
Additionally, look for several more November positions this weekend.
Just a final reminder, eventhough our main concern today is UGA, please always be aware of the other open short
positions, no matter how far they are out of the money.