Trade Update : X

UpdateStock / 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 Apr 27 adjustment: $28.32
Price at Jun 12 adjustment: $18.20
Price at Aug 6 adjustment: $23.30
Price at Aug 17 adjustment: $22.66
Price at this post: $20.79

Current Position:[private_monthly]
Long 3 X Jan13 22.5 Calls
at an effective cost of $3.29 per contract
Short -2 X AugWk4 23 Calls
at credit of $0.33 per contract

Update: We took in a 10% uncalled return this week from the sale of the AugWk4 23 calls. The short calls will expire worthless today. We'll look to write additional calls with X trading at/over $22.20

Max Risk: $921 (adjusted down from $1,130)
Max Reward: unlimited
Profit Range: $25.60 + by Jan13 expiration

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