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[Closing McGraw-Hill (MHP) Spread]
Dear Member:
The McGraw Hill (MHP) spread is profitable and the stock price is backing off a little at resistance. I am placing an order to close my spread at a credit limit of $3.05. The order will be to simultaneously buy to close the Aug 70 calls (MHPHN) and sell to close the Aug 65 calls (MHPHM) for at a limit of $3.05 credit (before commission). If filled, this would result in a 19.6% return on risk in about a month and a half. (I entered the positions on 3/23 for a debit of $2.55. If filled I will make 50 cents before commission a share and $0.50/$2.55 = 19.6%).
DISCLOSURE: At the time of publication, I am in the referenced debit spread position.
Sincerely,
Bill Kraft
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