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GIVING GOOGLE TIME TO RETURN TO EARTH

HAVING TROUBLE PRINTING?
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Today we've made an adjustment to our CPTI Google position. We haven't changed our opinion. Google has gotten a little excited and gone through our short strike price ($220). So, being the patient folks that we are, let's give it a little extra time so Google buyers can see the error of their ways.

We closed out the May bear call spread as follows:

Bought 12 May $220 calls
Sold 12 May $230 calls
Debit of $6.0 ($7,200)

Then we rolled out to:

Sold 14 June $220 calls
Bought 14 June $230 calls
Credit of $5.80 ($8,120)

That puts an additional $920 in our pockets while we sit back and wait. We have bought back the May $160 put for $.05 ($60). Our new maintenance figure is $14,000. Our new profit potential is $$2,260 ($1,400 + $860).

Take care and trade smart!

Mike

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