Bought +1 VNO 100 SEP 09 60 PUT @5.69, Mark 57.48

I'm back in Vornado Realty Trust (VNO) once again. This time, I'm giving it a longer time frame by buying the September puts instead of the August. The 60 puts premium between the August and September is only more by 25% or so. And the theta on the September puts are lower.

The market is very choppy lately around this 1000 pivot for the S&P500. Thus, I've found myself spending way too much time watching the market when I'm supposed to be doing other things. So I'm putting my chips in now, at a point which I think have passed the near term top based on yesterday's close and today's open, to keep myself off the screen.

I was comparing between VNO or COF for this position. Both looked like good candidates for a short but VNO has a higher weekly RSI at the moment, so I decided to go for it.

Entry: \$57.48

Stop: \$58, today's high at the open

Target: \$45, see Figure 2

Also, I've put in a hard stop for my RTH August put too.

Update: I was trying to place a stop order just now and forgot to change it from the default limit order to stop, so I accidentally sold my puts with a horrible spread for \$6.01!

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[Vornado Realty Trust]: http://traderpau.files.wordpress.com/2009/08/2009-08-06-vno.png [Vornado Realty Trust]: http://traderpau.files.wordpress.com/2009/08/2009-08-06-vno_prop.png