SPECIAL ALERT: XOM triggered Long today at the Open, basis this update. --- TLT - Breakdown TLT had a bad day yesterday and we missed the breakdown by one frickin' day! We had owned the Jan 16th $88P (for $1.16) which if we had just bought one month further out, Feb, would be $1.35 in the money now. Pattern recognition suggests it still has a lot further to drop, so if you are willing to give it a second chance, here is my analysis: TLT The breakdown yesterday signaled the initiation of a third wave down, eventually targeting the high $70's. The bet here is the Mar $85P for a buck, looking for a 5X minimum by March options expiration. TLT Mar 20th Puts At TLT $78 (see chart above), these Mar $85 puts are worth $7.00.
