New Trade : calendar call spread

Stock / Symbol: [private_monthly]ProShares UltraShort 20+ Year Treasury / TBT [/private_monthly]

Current Strategy: long calls
Trade entry date: Mar 30
Price at trade entry: $37.89
Price at this post: $25.36

Current Position:[private_monthly]
Long 4 TBT Sep11 40 Calls at an effective cost basis of $1.49 per contract

Proposed New Trade: calendar call spread

Adjustment: Well, we were clearly early on this trade. However, with interest rates set to stabilize now through at least mid 2013, we're presented with a new trading opportunity on [private_monthly]TBT[/private_monthly]. We're going leave our long Sep11 40 calls alone but leg into a new calendar call spread on it here.

New Trade Details:[private_monthly]
BTO 4 TBT Mar12 27 calls
STO -4 TBT Sep11 27 calls
for a net debit of $1.86 per contract

Max Risk: $744
Suggested Stop: @ $22 & $34.60
Profit Range: $24.18 to $30.90 (Sep11 exp)
Max Profit: $488 or 65% @ $26 (Sep11 exp)

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