Stock / Symbol: [private_monthly]Las Vegas Sands / LVS [/private_monthly]
Option Strategy: calendar put spread
Date trade entered: Jun 21
Price at trade entry: $38.65
Price at this adjustment: $45.86
Reasoning: We added this position at a point when it looked like LVS was stuck in a rut and looked to generate some income to offset our long calls. However, this stock's recent price action + good news coming out of Macau, has changed our outlook to a more positive one. We are therefore closing this portion of the trade out for a relatively small dollar loss.
Trade Details:
[private_monthly]
STC 4 LVS Sep11 39 Puts
BTC -4 LVS Aug11 39 Puts
for a net credit of $0.35 per contract
[/private_monthly]
Risk: $200
Max Reward: $523 or 260% by Aug 2011 expiration
Profit Range: $35.50 - $43.15
Max Profit at: $39 by Aug 2011 exp
Realized Loss upon fill: $60 (pre-commission)
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