I opened another position on RUT. RUT JUN 630/640Put – 800/810 Call BMIC for a credit of +1.35 with 45 days to expiry.
The delta of the short 640 PUT is .09 and the delta of the short 800 call is .08. The RUT is currently approaching a strong resistance level @ 735. It will be good if RUT will respect this resistance level and stay range bound for a while. Should it break this resistance level, I will be looking at making some adjustments on the position.
15/5/08. – Moved the 630/640P leg up to 650/660P to harvest more premium. Initial credit for the 630/640P was +0.40. Bought it back for -0.50 and sold the 650/660P for +0.65. The new net credit is now +0.55. The cost basis of the new 650/660/800/810 IC is +0.72. It is currently trading at +1.40.
