[Additional Adjustment of NDAQ Spread]
Dear Member:
Nasdaq Stock Market, Inc (NDAQ) gapped down this morning to a level of support and then bounced up a bit. I am going to use this move to roll down my Mar $32.50 puts (NQDOZ) to the Mar $27.50 puts (NQDOY) for a net credit of $1.60. This move will further reduce my risk in the overall position by $1.60 and cut the current loss by that amount in an additional effort to turn the play around. If filled, I will have a new put spread where I am short the Mar $30 puts and long the Mar $27.50 puts. The order is to simultaneously sell to close the Mar 32.50 puts (NQDOZ) and buy to open the Mar 27.50 puts (NQDOY) at a credit limit of $1.60.
Sincerely,
Bill Kraft
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