[Closing Short Put Leg on Unit (UNT)/Buying to Close May 55 Put (UNTQK)/Day Order/Market Order]
Dear Member:
With the continuing market slide, Unit (UNT) has fallen below 55 and I do not want the stock put to me. I am placing an order to buy to close the May 55 puts (UNTQK). This move will, unfortunately, increase the loss on the original condor, but will prevent even more loss. Perhaps the 50 puts will gain some value today and I can sell them to do some recouping.
DISCLOSURE: At the time of publication, I am long the May 65 calls, the May 50 puts and short the May 55 puts on UNT.
Sincerely,
Bill Kraft
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