[Closing Yahoo (YHOO) Spread]
Dear Member:
My spread on Yahoo (YHOO) has not worked out so I am closing it. The order is simultaneously buy to close the May 32.50 puts (YHQQZ)and sell to close the May 30 puts (YHQQF)at a limit of $2.40. I received 65 cents when I opened the position so it looks like the result will be a $1.75 loss.
The alternative would be to close the short leg only and look for a greater gain on the long leg, but since time until expiration is now less than a week, I have chosen to just take my lumps on this one.
DISCLOSURE: At the time of publication, I am in the referenced put spread on YHOO.
Sincerely,
Bill Kraft
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