Closing Trade : CRM put spread

Stock / Symbol: [private_monthly]SalesForce.com / CRM [/private_monthly]
Trade entry date: Sep 22
Price at trade entry: $115.55
Price at this post: $128.80
Option Strategy: put spread
[private_monthly]
Max Risk: $645
Max Reward: $850 or 135% by Nov 2011 exp
Profit Range: $0 - $113 by Nov 2011 exp
Max Profit at: $0 - $110
Suggest Upside Stop: $137.10
Profit / Loss upon fill: ($315)
[/private_monthly]
Reasoning: Entering the trade, we felt that CRM would trade down to $110. It did, it just got there too early for us to capitalize on it given our trade structure. Now, with CRM's chart looking much healthier, we're going to take our lumps here and avoid further loss on the trade. We're using a GTC order.

Closing Trade Details:
[private_monthly]

STC 3 CRM Nov11 115 Puts
BTC -3 CRM Nov11 110 Puts
for a net credit of $1.20 per contract (GTC, limit order)

[/private_monthly]
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