[Closing Put Side of Iron Condor on Russell (RUT)]
Dear Member:
The Russell 2000 (RUT) has continued to drop and my iron condor has a lot of profit. In order to attempt to preserve substantial profit and remove the put side risk, I am placing an order to close the put side by simultaneously buying to close the Dec 710 Puts (RUTXB) and selling to close the Dec 700 puts (RUTXT) for a debit (before commission) of 65 cents. If filled, that will leave $1.75 profit per share in the play for a return on risk of 23% in about a month if no further action becomes warranted and it does not look likely that any further action will have to be taken unless the index literally shoots up over the next couple of days.
DISCLOSURE: At the time of publication, I have an iron condor on RUT.
Sincerely,
Bill Kraft
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