[Closing Put Leg of Cardinal Health (CAH) Straddle/Sell to Close Jun 70 Puts (CAHRN)/Day Order/Limit $1.35]
Dear Member:
The Jun 70 straddle on Cardinal Health (CAH) is almost half way until expiration and time value will run against me faster and faster. The stock has continued in a nice uptrend so I am going to close out the put side of the trade. I am placing an order to sell to close the Jun 70 puts (CAHRN) at a limit of $1.35. You will recall that my original risk in the position was $8.10. That will be reduced to $6.75 if this order is filled. The calls are now about $3.10 in the money.
DISCLOSURE: At the time of publication, I own the Jun 70 calls and the Jun 70 puts on CAH.
Sincerely,
Bill Kraft for
CutLoss, Inc.
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