CLOSE: XLE Put Calendar +100%

On 2/21/08, I opened the Apr 08/Mar 08 75 Put calendar for a $1.03 debit.

On 3/5/08, I rolled by buying back the Mar 75 put and selling the (Quarterlys) Mar5 08 for a credit of $0.48. My new cost basis is $0.55.

Today it's time to get out since we are approaching Mar expiration and the stock is currently around 75. This gives me the best chance to get the best credit to get out.

So I sold the Apr 08 & bought back the Mar5 quarterly 75 put for a $1.10 credit.

(1.10-.55) / .55 = 100% in 1 month!