As of right now Greg is actually only down 10% on his long side of his SLV trade. He told me he exited the short side of the trade during our discussion over the weekend. Basically Greg's Sept expiry $14 call needs to see SLV to trade to $16 before Sept 15th basically. if a rally happens quickly he makes money. If it gets dragged out he loses more premium. My trade was a much shorter trade. So I am in a position where I can only "hope" for a rally to near $16...and it will likely have to happen this week since alot of premium was lost in the July weekly calls I went with.
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