It's Monday morning, and things seem to be back to normal with the commodities. Silver and Oil have both found support and have held nicely, gold has been fairly steady, up a little this morning as well.

Let's take a little advantage of this move. Add to some of our positions. The Oct'11 SLV Puts @ 35 still look great, and we'll get a substantial premium because of how far SLV fell last week. Lets add 50% more to our position.

10 OCT'11 SLV 35 Puts @ Market of $3.75.

This will bring in a premium of $3,750, and represent a $31.25 actual aquiring share price if the options are put to us.

Added to our original position it will look like this.

20 Contracts at 1.36 = 2,720
10 Contracts at 3.75 = 3,750
-----
= 6,470/30
= 2.16 per contract (a 32.84 entry price).

The LULU trade looks fine, even though our options are slightly under water, the share action seems fine to me. Lets just be patient and let the time decay do all the work for us.

Account Details

Cash = 109,270 + 3,750 = $113,020

Liabilities = 30*3.80 = 11,400; 10*8.50 = 8,500; 11,400 + 8,500 = 19,900.

Total = 113,020 - 19,900 = $93,120

currently sitting on a $6,680 dollar loss, or 6.68%. Not fun, but considering the rout we took, I think it's fine, and we're in an even stronger position to perform well going forward.