Backspread MFLX: Profit 27.9%

Published on February 7, 2007

Backspread MFLX: Profit 27.9%

February 7, 2007

Here is the quick update on MFLX and CELL. MFLX was as high as 17% in the initial 30mins of the market open. I took this opportunity to cash out with 27.9% profit. To recap, my play on MFLX was short 1x, Feb 20Put and long 2x Feb 17.5 put for $0.78x credit. I bot it back for $0.30, giving me a $27.9% profit for one night holding without worrying about the direction. Here are the transaction details:

mflx-backspread-feb-07.png

CELL slightly in the loss zone due to IV crush and not so much movement in the stock.

Profitable trading, OptionPundit

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