As RUT continues upward, I removed my bottom bull put spread and sold a new one higher up so I would not have to put more money in the trade, but still be able to reduce my delta exposure and my BP effect (margin). This also increased my theta and vega.
BOT VERTICAL RUT 100 SEP 08 650/640 PUT @ $0.65 debit
SOLD VERTICAL RUT 100 SEP 08 690/680 PUT @ $1.70 credit
This brings my net credit to $4.20/ risk of 10-4.20= 72.4% ROI potential
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