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Broker called me this morning cause there was a strong pull back in the market, this effectively wiped out this months gain (ie big wipe out)

CSR has been side way trading for the past 5-6 months. Its currently trading at its support level of around $3.50, there is strong support there. In addition, there is further support at $3.25. This is a relatively good position as it is quite far out of the money and there are support levels close by.

The Trade (CSR)
Sell Jun $3.47 Puts @ $0.10
Buy Jun $3.24 Puts @ $0.04

Expiry = 28/06/2007
Share/Contract = 1079
Max Profit = 0.06(0.10-0.04)
Max Risk = 0.17 [(3.47-3.24) - (0.10-0.04)]
Return on Risk = 35.29%
Breakeven = $3.41

I opened 20 contracts:
Reward for trade (excluding fees) $1,294.8
Reward for trade (including fees) $1063.0
Value At Risk $3,668.2

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ZFX had a huge fall today, wiping out an entire months of gain (similar to the All Ordinary). ZFX remains a good stock from previous months trading as it is back to its ‘pre-breakout’ level. There is strong support at $16 and further support at $15.5. Managed to open this position quite far out of the money with strong support levels close by.

The Trade (ZFX)
Sell Jun $16.0 Puts @ $0.305
Buy Jun $15.5 Puts @ $0.195

Expiry = 28/06/2007
Share/Contract = 1000
Max Profit = 0.11(0.305-0.195)
Max Risk = 0.39 [(16.0-15.5) - (0.305-0.195)]
Return on Risk = 28.21%
Breakeven = $15.89

I opened 10 contracts:
Reward for trade (excluding fees) $1,100.0
Reward for trade (including fees) $890.6
Value At Risk $3,900.0