We were stopped out of our Bunge (BG) short position on the 2nd go around this morning. The first short attempt we covered much of the position for a quick 5% gain (the cover executed last Friday) - this time around we tried to add some short exposure Tuesday, and made the position larger again by adding about a 1.5% exposure.
Our stop loss was $64.20 and we were taken out by a morning spike to $64.66 (we exited at $64.52). Therefore this 4% loss more or less nets out against last week's 5% gain. The stock has since drifted downward for the remainder of the day but what's done is done. Extremely difficult to short anything this week for obvious reasons.
With yesterday's profit taking in a bevy of longs, we're about 3.5:1 long to short. When the bell rings over S&P 1080 I anticipate we'll be something like 5:1 very quickly. If however the market falls.... ah nevermind, I don't like to deal in 2% probability scenarios.
I've also added back a smallish tranche of SPY 107 calls (SWGJC) this afternoon; since S&P 1070 to 1080 seems a foregone conclusion...
Long SWGJC in fund and personal account