We exited our Adobe (ADBE) trade for near breakeven today. The stock worked its way a bit higher initially and has since settled back. That rally actually lagged many of its peers in the software space. It also reports earnings tomorrow and we have a bearish b-band setup on the chart. So, all things considered it is time for an exit.
Exited our ADBE Put Butterfly Spread as follows:
Sell to close: ADBE July 17th (monthly) 300.00 strike call (ratio of 1)
Buy to close: ADBE July 17th (monthly) 330.00 strike call (ratio of 2)
Sell to close: ADBE July 17th (monthly) 360.00 strike call (ratio of 1)
Credit: 3.53
Loss of -0.10 or -$10.00 per spread traded