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There's a saying I've always liked: "I'm not too bright, but I can lift heavy things".
It applies to me in spades at times. It applies particularly when I try to do division in my head.
Somehow I managed to calculate 115/70 as being equal to 1.5... that would be true of 105/70.
115/70 is actually 1.6428 - call it 1.64. That is the current multiplier for the price of the TLT option (the November $89 put, code TLT WK)... so the current gain on that option is a hair over 64%, not 50% as I stated this morning.
Remember that my stated standard operating procedure is always to take half the position off at a raw gain of 100% - which would mean offering half the position at $140.
