At 9:51 EDT Wednesday I was setup for a couple days with my purchase at of SPY at 106.73, long S104 3-Sept puts at .23 and short S107 3-Sept calls at 0.80 for a breakeven of 106.16 and a max profit of 0.84.
Twenty minutes later I closed out SPY at 108.11, S104 puts at .08, and bought back my calls at 1.62 for a net credit of 106.57, a net profit of 0.41 per share. With almost half the available profit available that quickly I couldn’t justify holding onto the position.
SPY 31-Aug and 1st of Sept 2010
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Monday, January 21st, 2013 | Vance Harwood
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