Sold -3 PG 100 AUG 09 52.5 CALL @.40, Mark 52.43

As I was saying last week, I'm seeking to unload my COF shorts and PG longs this week before expiration. My opportunity came today when PG broke \$52.50 twice but failed to hold it for long. The time decay is eating the premium fast this week, so seeing that it's unlikely PG will make a spike higher now, so I'm unloading my August calls for it.

I bought these calls for \$0.60 last week to hedge my shorts. This amounts to a loss of \$60 + \$15 = \$75.

[caption id="attachment_1696" align="aligncenter" width="500" caption="Proctor & Gamble"][Proctor & Gamble][][/caption]

[Proctor & Gamble]: http://traderpau.files.wordpress.com/2009/08/2009-08-18-pg.png