New Trade : put spread

Stock / Symbol: [private_monthly]Priceline.com / PCLN[/private_monthly]
Price at trade post: $470
Option Strategy: put spread

Reasoning: With [private_monthly]PCLN [/private_monthly] breaking through a major support level, we're going to open up another put spread on it. Our price target is $440 but we're going with an ITM spread to increase our odds (72%) of success.

Max Risk: $725
Max Reward: $275 or 37% by Oct exp
Profit Range: $0 - $502 by Oct exp
Suggested Stop: at or above $540

Trade Details:[private_monthly]

BTO 1 PCLN Oct11 510 Put
STO -1 PCLN Oct11 500 Put
for a net debit of $7.25 per contract (day order, limit order)
[/private_monthly]

Requirements
Cost/Proceeds: $725
Option Requirement: $0
Total Requirements: $725
Estimated Commission: $12.95

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