[Closing Short Leg of QQQQ Put Spread]
Dear Member:
I am near maximum profit on the Oct 50 puts (QQQVX) I originally sold to open at 45 cents. I am now placing an order to buy to close the Oct 50 puts (QQQVX) at a limit of $.05. If filled, this leg will have enjoyed a before commission gain of 89%. I will still hold the Jan 45 puts and may sell other puts against that position or look for those puts to increase in value if we see a drop in the Nasdaq.
DISCLOSURE: At the time of publication, I am short the Oct 50 puts and long the Jan 45 puts on QQQQ.
Sincerely,
Bill Kraft
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