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I recommended buying Facebook Inc. at $347.57 and selling Netflix September 350 calls at $46.25 (all prices in U.S. dollars). Netflix shares have declined since the February recommendation. Currently the shares are near their downside breakeven. I suggest you buy back the September 350 calls at US$.0.70 and sell the shares at US$301 (price at time of writing). This will create a total loss on the position of US$1.02 per share, or about 0.34%. The lesson from this position is that the pain was far less than would have been the case if the call option were not sold. My reason for exiting the position is the growing competition from entertainment giants like Disney in the streaming business. Given the high valuation for Netflix (the company is trading at 118 times current earnings), there could be additional downside. Better to cut losses when they are at a minimum and look for new opportunities. - Richard Croft