Today I did some adjusting on this trade. I did a double trade that converted this call calendar to a bear call spread.
On 2/8/08, Bought Jun 65 Call for $14.75 and Sold Mar 80 Call for $2.00 for a total debit of $12.75.
On 2/19, I adjusted my position by buying back the Mar 80 and selling to Mar 75 call for $1.95 credit.
Today, I closed out the calendar Apr 08/Mar 08 75 Calls for a $1.15 credit.
Then I sold the Jun 65 for $13.15 & bought the Jun 75 Calls for $5.95 for a total $7.20 credit.
This has now brought my cost basis down to $2.45.
My new risk is 10.00 vertical strike difference-7.20 credit= $2.80