[Adjusting spread on Avon Products (AVP)/Buying to close Oct 42.50 puts (AVPVV) for $1.85/Sell Oct 40 puts (AVPVH) contingent on stock greater than $41.05]
Dear Member,
AVP has not bounced so I am taking my loss on the short leg by buying the Oct 42.50 Puts (AVPVV) to close that leg for $1.85. I am also placing a stop to sell the Oct 40 Puts (AVPVH)I am long contingent on the stock going above $41.05. With the stock continuing to drop and some time left, I am looking to make up some of the loss from the short leg on this long leg.
DISCLOSURE: At the time of publication, I am short the Oct 42.50 puts and long the Oct 40 puts.
Sincerely,
Bill Kraft
CutLoss, Inc.
|
