Chinese hit terrific! SOHU -20% our strategy is to PLAY THE FIRST cycle which in the case of SOHU and SINA (we played them together pretty much) "anticipatory upswing", then a nice 2 point pullback, then another 4 point gain (more anticipatory upswing as we stalked this and posted DAILY intraday updates with charts as well.
Once there is a pullback usually by 1:30 - 2:00* we sell (50 to 75% of the calls) get a full put position (which I already had some rolling over anyhow but added) and went into the report with a Lopsided position of 100% puts and 25 to 50% calls. We still needed the calls, we expected a HUGE OUTCOME but we weren't 100% sure in which direction (like SNDK and QLGC STX, AMZN etc) we needed those calls. It was well worth it!
*when there is no perceptible action in the stock we expect an EARNINGS RUN but in the case of SINA/SOHU we MILKED them so long that they just began to sag.
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