Well, what can I say? It really hit the fan today. A number of you are ready to bail out of our RUT 770/760 August bull put spread.
At this moment the RUT is at about 785 -- a 15 point cushion. You have good reason to be concerned. So here is an idea of what you can do as an adjustment.
a) You can close out the 20 contract 770/760 position for about $3.30. Cost about $6,600
b) You can sell a 30 contract August 730/720 position for a credit of about $1.50. Credit of about $4,500.
c) You can sell a 30 contract August 850/860 position for a credit of about .70. Credit of about $2,100.
You can adjust the numbers, strikes and credits to your account size.
Good luck and trade smart. Don't panic.