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The Next Shoe to Drop in Banking: An Options Strategy [View article]
On the close of Aug 24th, 2009, XLF SEP $12 puts I see quoted at 0.05 - yeah for unlimited risk for a nickel. Skip selling put and get better buying power req.
I find it temping to sell credit spreads on XLF, but I would expect JPM,STT,BAC,STI,BBT,GS... to provide the most of the down move in XLF. In my opinion it would be better to construct credit spreads on the above stocks and do calendars on XLF for +theta +vega.
Buy XLF Oct/Sep $14 Calendar for a quarter. Breakeven 14.82, 13.26
Let's say if I'm somewhat neutral on C, I could sell straddles on it. $5 OCT straddle at the close is quoted at 1.20 with BE 3.8/6.3.
www.etfinvestmentoutlo... can be useful.