From: "Jeffrey E." <[email protected]>

From: "Jeffrey E." <[email protected]> To: Paul Barrett < >, Richard Kahn Subject: Date: Thu, 12 Jul 2018 10:50:50 +0000 3. I am still long the August 280 SPY call. It was also a small $50K position. We paid $1.55 for the options. It closed yesterday at $1.92. Time decay will start to hurt and I plan to unwind next week. I expect equity inflows to continue next week and (targeting $3.00). SPY 280 calls at $3.05 (we paid $1.55). The SP500 is bumping up against 2800 which has been a big resistance level this year. If it breaks above 2800 I think we could test 2840 in short order. So I am looking at the following: • Sell 350 contracts of the Aug 280 SPY calls for $3.05 • Buy 350 contracts of the Aug 284 SPY calls for $1.27 • Take $1.78 off the table and be well positioned if we break above 2800. Are you OK if I decide to do that as opposed to just taking profits? Not yet. With Donald in Europe this week I thought we would get a week free of tariff threats and a market rally into Friday earnings. Futures down 50bps. Bounced off the overnight lows. Will keep you posted. At 52.30. Market rolling over. please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation®gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01005794