Closing Trade : MCP

Stock / Symbol: MolyCorp / MCP

Option Strategy at trade entry: [private_monthly]combo (short put/long call), AKA synthetic long stock[/private_monthly]
Current Strategy: [private_monthly]naked put[/private_monthly]

Trade entry date: Feb 23
Price at trade entry: $28.66
Price at Mar 1 adjustment: $25.19
Price at Mar 13 adjustment: $31.00
Price at this post: $34.40

Current Position:
Short -1 MCP Jun12 29 put
at credit of $3.45 per contract

Reasoning: With MCP up 11% since we sold the 29 strike put, [private_monthly] the profits from this portion of the trade have managed to cut our realized losses on the trade in half. We're going to take profits here and look for another entry point in the trade on a pullback.[/private_monthly]

Trade Details:

BTC -1 MCP Jun12 29 put
for a max debit of $1.85 (GTC, limit order)

Max Risk: $2,900 (adjusted from $2,560)
Profit Range: $29+ by Jun exp
Max Profit: $5 with MCP between over $29 by Jun exp
Suggested Stop @: 22.90
Realized Profit / Loss upon fill: ($146) pre-commission
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