[Creating Spread Against Put Position in Cognizant Technology (CTSH)]
Dear Member:
Cognizant Technology Solutions Corp (CTSH) has taken off in the wrong direction for me and my Jan 35 puts are losing money so I am going to use them as one leg of a spread and am going to place an order to sell to open the Oct 30 puts (UPUVF)to reduce the risk in the long put position and bring in some income. I am placing an order to sell to open the Oct 30 puts (UPUVF) at a limit of $1.95.
DISCLOSURE: At the time of publication, I am long the Jan 35 puts on CTSH.
Sincerely,
Bill Kraft
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