As of 5/22 when I rolled my Sep long leg down to July, my last cost basis was $2.85-$2.15= $0.70.
As of today, I adjusted my Jun 85 calls (short position) to the Jun (JUN5 08) quarterly 85 calls for the credit below, thus making my new adjusted cost basis $0.00. Anything I sell my trade now for would be pure profit at this point.
SOLD CALENDAR XLE (Quarterlys) JUN5 08/JUN 08 85 CALL @ $0.70 credit
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