[Creating Spread Against Put Position in Cognizant Tech (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 at the same time. I am placing an order to sell to open the Oct 30 puts (UPUVF) at a limit of $1.85.
DISCLOSURE: At the time of publication I am long the Jan 35 puts on CTSH.
Sincerely,
Bill Kraft
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