Tuesday, July 10, 2012
AAPL Trade Update Fly working well!
The AAPL Butterfly trade put on 6/5/12 http://thetradersjacket.blogspot.com/2012/06/pairing-up-options-style.html for is working very well. On 7/2 we took 100% profits on 1/2 the trade giving us a free ride on the balance. Last night it closed at 6.05 returning a 250% profit on the second half of the trade. But the trade has also now entered the area where decay of the short options is greater than the long options. A slower grind higher into 620 would be the best scenario. I will close 1/2 of what is left or 25% of the original trade at 10.00 if it can trade there over the next few days. That would represent a 478% profit should the trade be executed.