CLOSE: JPM Put Calendar -4.5%

On 2/7/08 I sold Mar 45 put for $ 2.87 and Bought the Jun 45 put for $4.65 for a total debit of $1.78.

Today it has dropped significantly and forming a trend instead of a channel on high volatility and volume. Since I don't know yet how best to adjust calendars when they go against you, I felt it was best to pull the plug early before I get stopped out. I closed the trade for a credit of $1.70.

(1.70-1.78)/1.78= -4.5% loss in 1 month