[Closing Bullish Put Side of Condor on SPY]
Dear Member:
Though the S&P 500 has bounced a little this morning, I remain concerned that the markets could do anything fast so I am placing an order to close the remaining legs of my original condor on SPY in order to attempt to assure a profit with a good return.
I am placing an order to simultaneously buy to close the Apr 125 puts (SPYPU) and sell the Apr 124 puts (SPYPT) on SPY at a debit limit of $0.05. If filled at that price, the whole play will have resulted in a return on risk before commission of 30% in 17 days.
DISCLOSURE: At the time of publication, I hold the referenced option positions and am long the Dec 140 calls on SPY.
Sincerely,
Bill Kraft
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