GS – Goldman Sachs (Last:174.14)

Our offbeat “strangle” in Goldman is starting to work, since the September 170 call we bought for 2.00 traded as high as 3.40 yesterday.  Its purpose was to slightly leverage the upside, thereby lowering the effective cost of four Jan 130 – Oct 130 put spreads that we also hold (for 3.40 apiece). Today only, offer the call to close for 5.60.  If the order fills, it will reduce our cost basis on the spreads to 2.50. _______UPDATE (10:50 a.m.):  With Goldman up more than $4 so far this morning, bucking a lackluster stock market, we easily sold the call for 5.60. Do nothing further for now.