Thanks Ben, I appreciate your posts (as always). I agree about the range - we both play LINE for the same reasons we play AGNC.
I've been busy all morning repairing my earlier positions. I'm trying to lower my break-even by a full dollar today, and roll a very small January position back to February. Its been a healthy reminder of why you should never go "all-in". Honestly, at this point I'm aiming for break-even and a lesson learned.
My concern is that dumping 20 million shares into the market will eat up a lot of the XD buyers, weakening the run to distribution. Next week is also a short week (MLK, Jr day) and OPEX. That leaves about one and a half clean weeks for the XD run. And oil's not moving like I want it to.
All things considered, I think middle 37's may be more realistic. Top end for me is 38. Anything over that is gravy, with $38.50 transforming me into that guy that keeps buying everyone a round of shots only to wake up the next morning lying next to yet another severe lapse in judgement (or maybe 2).