[Adjusting Straddle on SWY/Selling to close Dec 25 calls (SWYLE) @ $0.50/Stop on puts to sell to close Dec 25 puts (SWYKE) if stock price hits or exceeds $22.59]
Dear Member:
I am adjusting my straddle on SWY. With a signigicant short term downtrend in place, I am closing the losing side of the straddle on Safeway (SWY) by selling the Dec 25 Calls (SWYLE) for $0.50. At the same time, I am placing an order to sell the Dec 25 puts (SWYKE) CONTINGENT on the stock price hitting or exceeding $22.59. That stop will help to protect most of the profits on the put side unless there is an unexpected gap up.
DISCLOSURE: At the time of publication, I was long the Dec 25 straddle on SWY, the options referenced above.
Sincerely,
Bill Kraft
CutLoss, Inc
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