Trade Adjustment – bull put spread

Stock / Symbol: [private_monthly]Baidu / BIDU [/private_monthly]
Option Strategy: diagonal call spread adjusting to bull put spread
Entry date: Oct 26th; Price at trade entry: $113.09
1st Adjustment: Nov 24th with stock at $109.18
2nd Adjustment: Dec 1st with stock at $106.83
3rd Adjustment: Dec 22nd with stock at $99.97
Price at this adjustment: $108

Current Position:
Long 3 BIDU Mar11 95 Puts
Short -3 BIDU Mar11 100 Puts
at a net credit of $2.33 per contract or ($699)

Max Risk (adjusted): $1,268
Max Reward (adjusted): $231 @ $100+ (by Mar 18th)
Max Return: 18%
Profit Range: $99.23 + (by Mar 18th)

Adjustment: We're up nicely (37.5%) on our current position and want to protect profits heading into this afternoon's earnings call. In the next few days, we'll look to enter a new position in [private_monthly]BIDU[private_monthly]

Trade Detials:
BTC 3 BIDU Mar11 95 Puts
STC -3 BIDU Mar11 100 Puts
for a net debit of $1.30 per contract or ($390)


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