Hello Investors,
We took profits on our SPY call butterfly position. The market is melting up a bit but had a bearish reversal formation and we suspect is due for a short-term stall. That is a problem for a trade with a very small quantity of days left to expiration that is not inside of the butterfly zone. Details are below.
Sell to close: SPY Oct 17th (monthly) 675.00 strike call (ratio of 1)
Buy to close: SPY Oct 17th (monthly) 685.00 strike call (ratio of 2)
Sell to close: SPY Oct 17th (monthly) 695.00 strike call (ratio of 1)
Credit: 2.34
This locked-in a profit of +0.69 or +$69.00 per spread.
Have a great week!