Trade Adjustment : X

Stock / Symbol: US Steel / X

Option Strategy: [private_monthly]diagonal call spread[/private_monthly]
Trade entry date: Mar 26
Price at trade entry: $29.66
Price at this adjustment: $28.32

Current Position:
Long 1 X Jan13 22.5 Call
at an effective cost of $8.20 per contract

Adjustment: Last week, our short calls expired worthless, giving us an uncalled return of 13%.   We're going to sell the May12 30 call here to further lower our cost basis and take in another 5.5%. If X is trading at or over $29.40 by May expiration, we'll exit the trade.  We're also raising our downside stop from $22 up to $27.[/private_monthly]

Trade Adjustment Details:[private_monthly]

STO -1 X May12 30 Call
for a min credit of $0.42 per contract (current bid/ask = 0.46 / 0.47, day order, limit order)


Max Risk: $810
Max Reward: $99 or 12% by May 18
Profit Range: $28.80 to $36.20 on May 18
Max Profit at: $30
Suggested upside stop: $33
Suggested downside stop: $27


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