[Closing Short Leg of QQQQ Spread]
Dear Member:
A couple of days ago, I created a spread against my Sept 44 puts (QQQUR) by selling the Jul 46 puts (QQQST) for 75 cents. That move was designed to reduce overall risk and bring in income. I now have some profit in the short leg and am going to place an order to buy to close the Jul 46 puts (QQQST) at a limit of $0.57. If filled, I will have realized a 24% gain on that leg before commission in two days. I'll also be looking for the chance to sell some more puts against the long position.
DISCLOSURE: At the time of publication, I am long teh Sept 44 puts and short the Jul 46 puts on QQQQ.
Sincerely,
Bill Kraft
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