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If we take a short position in the cash market (assuming that shorting the stock is feasible and liquid enough) at the spot price of 50, we have protected the option s sensitivity from small changes in the spot price. 6702 and -0. We look for clean moves [1 bar] through the tunnel. These returns cover a period from 1986-2011 and were examined and attested by Baker Tilly, an independent accounting firm.

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