The short puts we entered on $SPY on Monday hit our profit target today and we are out. Profit target hit in under 4 trading days. We’ll take it!
Meanwhile, the $FCX Bullish Risk Reversal we entered yesterday has quickly moved in our direction.
I’m not one to look a gift horse in the mouth, so I’m going to take this opportunity to remove the risk from the trade.
For details on the trade, you can review it here. In short, we sold naked short puts to pay for the cost of our long calls. Thanks to today’s move, we’re able to sell some of our calls to pay for closing our entire naked short puts position. And we did that today… [Read more…]