We are going to throw in the towel on the following spreads in Portfolio #1.

We are looking to close the SLW, IR and APKT call spread.

We are Closing the following spread Positions

SLW Call 28/30 spread NET DEBIT of $1.73 ( Bid/Ask spread is $1.69 - $1.76)

IR Call 42/44 spread NET DEBIT of $1.80 ( Bid/Ask spread is $1.70 - $1.90)

APKT Call 16/19 spread NET DEBIT of $1.18 ( Bid/Ask spread is $1.10 - $1.25)

As always try and split the BID/ASK prices.

These are prices as of this email.

We probably will other positions to deal with, but these are the pressing positions that need to be closed.

The maximum loss is $2 on each of the above positions, except on APKT, where the Maximum loss could be $3.

This market indices look to be consolidating at these prices, and although this market looks to be overbought, it just has failed to rollover and has ignored every bit of negative news from Europe and US earnings.

We need to take our hit and live to fight another month.