May 3, 2013


Bias: Bearish
Price Target: $90-92


We are bearish on small caps and want to start a short position in their ETF, IWM (40% of the final position). We will do this by purchasing multiple legs.


BUY To OPEN 2 Aug-17 95 Puts trading at $3.78


IWM is now trading at $94.85
These puts are trading at $3.78
The Total debit for this trade is $7.56


Do not buy above $3.95 per put contract


Day Order Only

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