[Adjusting Unit (UNT) Condor/Buying to Close May 60 Calls UNTEL/Day Order/Limit $3.90]
Dear Member:
Unit (UNT) has broken and stayed above resistance. The May 60 calls that I sold as part of my condor are in a losing position so I am going to close that leg by placing an order to sell to close the May 60 calls (UNTEL) at a limit of $3.90 or better for the day. If filled, that will leave me with a long position in the May 65 calls, a short position in the May 55 puts and a long position in the May 50 puts. The May 65 calls have been going up in value and I will want to sell them before expiration. I will try to sell them before they reverse down significantly in price in order to try to make the condor profitable.
DISCLOSURE: At the time of publication, I am short the May 60 calls and May 55 put and long the May 65 calls and May 50 puts.
|
