[Closing Spread on Apple (AAPL)]
Dear Member:
I'm almost at expiration and Apple, Inc (AAPL)is in the tank. I have no choice but to close this trade for a loss. The only good thing I can say is thank goodness for spreads. While my short leg loses more and more, the long leg picks up ground and, no matter what, the loss is limited.
I am placing an order simultaneously to buy to close the Aug 125 puts (APVTE) and sell to close the Aug 120 puts (QAATD) at a debit limit of $4.60.
DISCLOSURE: At the time of publication, I hold the 125/120 spread on AAPL as set out above.
Sincerely,
Bill Kraft
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