[Buying to Close Short Put Leg of Altria (MO) Iron Condor/Buying to Close Apr 70 Put (MOPN)/Limit $1.50]
Dear Member:
Altria (MO)has broken price support and drifted below 70. I now would like to close the Apr 70 put (MOPN) leg that I sold as part of the iron condor. I am placing an order to buy to close the Apr 70 put (MOPN) for $1.50 or better. I could close the 65 puts I own as well, but have chosen to hold those as MO looks like it still may go down and if it does, that leg should become more valuable. Meanwhile, the call legs of the iron condor look like they will make the whole trade profitable overall.
DISCLOSURE: At the time of publication, I am long the Apr 80 calls, the Apr 65 puts, and am short the Apr 70 puts and Apr 75 calls on MO.
Sincerely,
Bill Kraft
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