So, we closed out the SPX Sure Thing Bear Call Credit Spread for $.65 ($130). We bought back the April SPX 1215 call for $.85, then we sold the SPX 1240 call for $.20. That resulted in a debit of $.65 (x 2 contracts = $130)
We originally took in $1,400. We are locking in profits of $1,270. It simply doesn't make sense to risk $1,270 for the sake of another $130 -- especially with a week and a half left until expiration. We've also released an additional $5,000 of maintenance that was being held against the spread. I have received emails from CPTI students who were able to get out for even less than the $.65. We have some sharp people out there in CPTI-Land, learning the strategies and being proactive.
Thus far, we've locked in $1,500 on our OSX calendar spread and another $1,270 on the SPX Sure Thing Credit Spread. That's $2,770 no longer at risk and safely in our pockets. Just think, it looks like our other trades are likely to be profitable as well.
Hallelujah! Give me one more profitable "amen" and have a great day!