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No. of Recommendations: 0
The IV collapse on BGEN happened as expected. The original position was
a long iron butterfly, which is another way of saying the play consisted
of two credit spreads: The credit spreads are a Bull Put Spread and Bear
Call Spread. Because I perceive the greatest risk to be to the upside,
the decision was made to lock-in profits on the Bear Call Spread by selling-
to-close the short leg and to keep the long call as a lottery ticket.

| Action       Num OptSym Expire Strike Type   Entry    Current  |
| ---------------------------------------------------------------|
| Buy-to-Open  10  BGQDL  APR02  60     Call @ 0.65     0.05 bid |
| Sell-to-Open 10  BGQDK  APR02  55     Call @ 1.80     0.40 ask | «-----
| Sell-to-Open 10  BGQPI  APR02  45     Put  @ 1.05     0.10 ask |       |
| Buy-to-Open  10  BGQPH  APR02  40     Put  @ 0.50     0.60 bid |       |
|                                                                |       |
| Buy-to-Close 10  BGQDK  APR02  55     Call @ 0.40 $1.40 profit | «-----

|  Before and After Considerations                |
| Breakevens        Original        Current       |
|     Downside      $43.30          $43.70        |
|     Upside        $56.70           None         |
|                                                 |
| Net Credit        $1700           $1300         |
|                                                 |
| Max Risk          $3300           $3700         |
| Max Reward        $1700           Unlimited     |
|                                                 |

Other concerns: The QCOM Ratio Backspread isn't working out as
anticipated. Theta is taking its toll by currently costing $34 per day 
and the rate-of-decay will begin to accelerate because there are less 
than 30 days till expiry. Because QCOM is trading right at the max loss
inflection point I'll hold the backspread for awhile longer so that the 
maximum loss can be reduced.

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