Stock / Symbol: [private_monthly]Freeport-McMoran / FCX [/private_monthly]
Price at original trade entry: $51.68
Price at May 25 adjustment / new entry point: $49.77
Price at this post: $55.25
Original Trade entry date: Apr 19
Option Strategy: diagonal call spread
For May 25 Entry: For those of you who first entered this trade on May 25, we suggest you close the trade out here for a nice 44% return. For those who entered the position with us back on April 19th, skip below.
Trade Details:[private_monthly]
STC 1 FCX Nov11 50 Call
BTC -1 FCX Jul11 52.5 Call
for a net credit of $5.35 per contract
[/private_monthly]
For April 19 Entry:
We're nearly break even on the trade here and with it looking like [private_monthly]FCX[/private_monthly] wants to push higher, we're going to roll the short July 52.5 call to a Aug 54.50 call. So, by Aug expiration, our profit range will be between $52 and $62.80.
Trade Details:[private_monthly]
BTC -1 FCX Jul11 52.5 Call
STO -1 FCX Aug11 54.50 Call
for a net credit of $0.26 per contract
[/private_monthly]
Max Risk: $531
Max Reward: $160 or 30% by Aug expiration
Profit Range: $52 - $62.80 (at Aug expiration)
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