In and out with the big jump on Wednesday

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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