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.

id=BLOGGER_PHOTO_ID_5390677054705975586With 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