Closing these spreads out with a few days left until opex. The stock itself, and the market in general, has been acting weak. Not worth the risk IMO. Going to use the margin to look for better opportunities.
Trade:
BTC VMW June 12 85/80 bull put spreads for ($0.14-$0.01) x 100 x 5 spreads = $65 paid vs. $225 received = $160 profit
5/24/12
VMWare Inc (VMW) selling off today in sympathy to NTAP gapping down big after guiding lower last night. Price tagged the 200-day sma and found support. This also lines up with long-term support around 95. Using this to sell put spreads way down under the Bollinger band and almost 3 ATRs. Stochastics also seem to be oversold. On a bounce, I'll look to sell call spreads above the 50-day sma to condor these puts.
Trade:
Sold VMW June 12 85/80 bull put spreads for ($0.80-$0.35) x 100 x 5 spreads = $225 premium received
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