BOUGHT TO CLOSE LULU APRIL 15TH 63.5/68.5 SHORT STRANGLEWith this little dip here we got today, I bought back my LULU short strangle to close it out for a small profit.
Here's the whole chain:
Sold to open LULU April 8th 54/68 short strangle for $130 credit
Bought to close LULU April 8th 54 short put for a $2 debit
Rolled LULU April 8th 68 short call to April 15th 68.5 short call for a $17 credit
Sold to open LULU April 15th 63.5 short put for a $32 credit
Bought to close LULU April 15 63.5/68.5 short strangle for a $143 debit
Total Credits Collected: $179
Total Debits Paid: $145
Profit: $34/contract; $26/contract after fees/commissions
Naturally, it would have been nice if the setup had worked out from the get-go, I'd been able to take 50% of the original credit received as profit and moved on, but things don't always work out that way. The important thing is that it isn't a loser, and that I got out of it fairly quickly for scratch or better and can now redeploy the buying power on a higher probability setup ... .
