Options Action: Protecting Your Portfolio

During tumultuous times you want to protect your portfolio but how should you do it? Brian Stutland has a strategy using the S&P ETF!

He suggests selling a call against a long position.

***BRIAN'S SPY TRADE****
Sell Sep. 112 call at $1.50

To learn more about this trade, watch the video now!*

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Trader disclosure: On Aug 12, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Terranova owns (AKAM), (BAX), (FCX), (MOS), (OXY), (PFE), (POT), (SU), (XBI), (GLD); Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Finerman owns (AAPL); Finerman owns (GOOG); Finerman’s firm owns (HPQ); Finerman and Finerman’s Firm owns (BAC); Finerman and Finerman’s Firm owns (JPM); Finerman's firm is short (IJR); Finerman's firm is short (MDY); Finerman's firm is short (SPY); Finerman's firm is short (IWM); Finerman’s firm owns S&P 500 puts; Finerman’s firm owns Russsel 2000 puts; Jon Najarian owns (CSCO) short calls; Jon Najarian owns (VIX) Call spread; Jon Najarian is short (SQQQ)

Anthony Scaramucci
SkyBridge Capital owns (LO)

For Patty Edwards
Edwards owns (AAPL) for clients
Edwards owns (AA) for clients
Edwards owns (AKAM) for clients
Edwards owns (AMZN) for clients
Edwards owns (ABT) for clients
Edwards owns (BA) for clients
Edwards owns (BAC) for clients
Edwards owns (BBY) for clients
Edwards owns (BKE) for clients
Edwards owns (C) for clients
Edwards owns (COP) for clients
Edwards owns (CVX) for clients
Edwards owns (COH) for clients
Edwards owns (DELL) for clients
Edwards owns (DO) for clients
Edwards owns (F) for clients
Edwards owns (FCX) for clients
Edwards owns (GE) for clients
Edwards owns (GLD) for clients
Edwards owns (GOOG) for clients
Edwards owns (GLW) for clients
Edwards owns (HAL) for clients
Edwards owns (HES) for clients
Edwards owns (HPQ) for clients
Edwards owns (INTC) for clients
Edwards owns (JNJ) for clients
Edwards owns (JPM) for clients
Edwards owns (JNK) for clients
Edwards owns (MCD) for clients
Edwards owns (MS) for clients
Edwards owns (MSFT) for clients
Edwards owns (NE) for clients
Edwards owns (NSC) for clients
Edwards owns (PEP) for clients
Edwards owns (PNC) for clients
Edwards owns (QQQQ) for clients
Edwards owns (RIG) for clients
Edwards owns (SLB) for clients
Edwards owns (SPY) for clients
Edwards owns (TM) for clients
Edwards owns (TM)
Edwards owns (TTM) for clients
Edwards owns (TXN) for clients
Edwards owns (UNP) for clients
Edwards owns (VXX) for clients
Edwards owns (VZ) for clients
Edwards owns (WFC) for clients
Edwards owns (WFT) for clients
Edwards owns (WFMI) for clients
Edwards owns (WMT) for clients
Edwards owns (V) for clients
Edwards owns (XOM) for clients
Edwards owns (YHOO) for clients
Edwards owns gold for clients
Edwards owns platinum for clients
Edwards owns silver for clients
Edwards owns the Russell 2000 for clients
Edwards owns the S&P500 for clients

Stephen Weiss
Weiss owns (MRK)
Weiss owns (VZ)

David Riedel
***No Disclosures***

Colin Gillis
***No Disclosures***

Brian Stutland
***No Disclosures***