[Closing Short Put Leg On Apple Computer (AAPL) Spread/Buying to Close Jun 35 Put (AAQRG)/Day Order/Limit $0.25]
Dear Member,
I am placing an order to take all the risk out of my AAPL Jun bullish put spread. I am buying back (buying to close) the Jun 35 Puts (AAQRG) for $0.25. You may recall, I opened the spread by selling the Jun 35 Puts and Buying the Jun 32.50 Puts for a net credit of $0.70. Now I am giving back 25 cents of that 70 cents for a realized credit of 45 cents a share. If filled, I CAN'T DO ANY WORSE THAN MAKE 45 CENTS A SHARE ON THE OVERALL TRADE AND I STILL OWN THE JUN 32.50 PUTS WHICH WILL ONLY MAKE ME MORE MONEY IF THE STOCK DROPS. I am now in a position where I own those 32.50 Puts for free and have made 45 cents a share on the trade.
DISCLOSURE: At the time of publication, I am short the Jun 35 puts and long the Jun 32.50 puts on AAPL.
Sincerely,
Bill Kraft for
CutLoss, Inc.
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