On 5/9/08 I entered the trade as follows:
BOT CALENDAR XLE SEP 08/JUN 08 85 CALL @ $2.85 debit
Today I decided to tighten my long leg by rolling the September down to July. There is too much volatility in the market now to have long legs that far out in time. As most of my calendars took a hit today, I am tightening them up for protection.
Today:
SOLD CALENDAR XLE SEP 08/JUL 08 85 CALL @ $2.15 credit
This brings my cost basis down to 2.85-2.15= $0.70!
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