[Closing 1 leg of CYBX credit spread/Buy to close Sept 20 call (QAJID)/Day Limit $0.30]
Dear Member,
This is the kind of trade I love. I can close the short leg of this credit spread by buying to close the Sept 20 calls (QAJID) for $0.30. Remember, I entered the whole spread for a CREDIT of $0.60. Now, I am giving back half that and the trade has made 13.6% profit in a week. AND I STILL OWN THE Sept $22.50 calls (QAJIX) AT NO NET COST!!! Even if the Sept 22.50 calls go to zero, I still made money. If the stock turns up and the Sept 22.50 calls own go up, I'll just make more money. Neat trade. Made a profit AND still own some calls for free. Don't you love it.
DISCLOSURE: At the time of publication, I am short the Sept 20 calls (QAJID) and long the Sept 22.50 calls (QAJIX).
Sincerely,
Bill Kraft
CutLoss
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