Despite having been burned by last week’s colossal head-fake, we were hoping to avoid re-adjusting our RTH double-calendar—but Friday’s drop of 2.7 times the ETF’s one-day standard deviation was not a good sign. On Monday RTH fell through its 50-day moving average and closed just pennies below it. After bouncing off the 200-day MA yesterday, RTH is down again this morning and trading below our theoretical break-even. We’re once again approaching our maximum loss, so we’re making the following adjustment:

-2 RTH July 100 call +2 RTH June 100 call for a net credit of $0.80;

+2 RTH July 95 put -2 RTH June 95 put for a net debit of $1.55.

Don’t forget that two contracts here represent all of our position (e.g., if we had 4 contracts at the 100 strike, we’d be rolling all 4 of them). Now we have a single calendar put spread at the 95 strike. Normally

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S&P Equity Research Analyst Scott Kessler rates SHANDA INTERACTIVE ENTERTAINMENT (SNDA) a STRONG BUY based on : 1. Solid first quarter results and conservative second quarter guidance provided early yesterday. 2. The recent sell-off offers an enhanced entry point. 3. Company is a well-diversified leader in the high-growth Chinese online games category, and in-game advertising unit and literature portal have considerable unrealized value. 4. Company is very undervalued. Follow the performance of this pick and Scott Kessler’s other recommendations at: http://www.trackthepros.com/categories.php?category_id=229

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