Stock / Symbol: Freeport McMoran / FCX
Original Option Strategy: [private_monthly]calendar call spread[/private_monthly]
Trade entry date: Mar 19
Price at trade entry: $39.78
Price at this post: $38.00
Current Position
Long 4 FCX Aug12 42 Calls
Long 1 FCX Apr12 42 Put
Reasoning: Our trade was adjusted yesterday such that we could both weather a horrible earnings report and participate in profits should the stock have popped on FCX's earnings announcement this morning. With FCX not trading at/over $40.50, we're going to close out the trade here.[/private_monthly]
Trade Details:[private_monthly]
STC 4 FCX Aug12 42 calls
for a credit of $1.50 per contract (day order, limit order)
then,
STC 1 FCX Apr12 42 put
for a credit of $3.95 per contract (day order, limit order)
Max Risk: $1100
Max Reward: unlimited
Profit Range: $39.75 + on Apr 20
Realized Profit / Loss upon fill: ($150)
[/private_monthly]
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