Where are you? Cotton has been down for nine days in a row. I'm gonna take a shot under the 7-10 rule and look to do something to capture as much of the profit as I can here. I covered one of the five 85 puts at the close yesterday @ 6.70 and two are covered by my sale of two 80 puts short. That leaves just two uncovered with one week to go. The last quote is @ 7.20 and I'm thinking that I will either short one or two 78 puts or go long a couple of futures tomorrow if we see any kind of spike down into the lower 77's. My gut tells me that, though I think ultimately we may see further downside later, the propensity of the market to expire the options between 78 and 80 seems reasonable. That's one of the reasons I'm not just exercising them and taking on two short futures. Especially now with the 7-10 thingy lurking. Doing the long futures just gives me more flexibility to jump in and out depending on the market activity. Yeah, I could just unload the puts, but something is nagging at me to complicate things. Having a triple plus on these expensive options has been fun and quite a learning experience. (Profitable, too. ;-) )) That's a VBG.

What say you?

Stomper