Stock / Symbol: [private_monthly]Freeport-McMoran / FCX [/private_monthly]
Option Strategy: diagonal call spread
Original Trade entry date: Apr 19th
Price at original trade entry: $51.68
Price at this post: $42.81
Position:[private_monthly]
Long 1 FCX Nov11 50 Call
Short -1 FCX Aug11 54.50 Call
for an effective cost of $5.31 per contract
[/private_monthly]
Update:
The short Aug 54.50 call will expire worthless today. Soon, we'll look to sell another near term call against the position, most likely a 50 strike call.
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