The FXI did not rally as expected this morning and was dragged down by the U.S. market weakness. The U.S. markets are worsening as the day progresses and I am worried that the U.S. weakness could carry over to the Asian markets. We can exit this position right now for a breakeven. I prefer to exit now rather than face a possible gap down on the FXI tomorrow morning. Close the Short NOV $46 Put FXI-WT now. THe option is currently $2.70 x $2.80 for a break even.

Jim Brown