Closing Trade : CSCO

Stock / Symbol: Cisco Systems / CSCO

Option Strategy: calendar call spread

Trade entry date: Jul 6
Price at trade entry: $16.70
Price at Jul 12 adjustment: $16.00
Price at Aug 6 adjustment: $16.76
Price at Aug 15 adjustment: $17.45
Price at this post: $19.12

Current Position:
Short -5 CSCO Aug12 17 calls
Long 8 CSCO Oct12 17 calls
+
Short -6 CSCO Aug12 16 calls
Long 6 CSCO Oct12 16 calls
+
Short -6 CSCO Aug12 15 calls
Long 6 CSCO Oct12 15 calls

Reasoning: As a trade settles into it's final moments, hindsight is always 20/20. Sure, it would have been ideal for us to have bought back 2 of the short 17 calls instead of just one, if so, we'd be up 20%. However, without all of the adjustments we made, this trade would be underwater with just the original 17 strike calendar. Closing the trade here for a small gain.

Closing Trade Details:

BTC -6 CSCO Aug12 15 calls
STC 6 CSCO Oct12 15 calls
for a max debit of -$0.01 (current mid is +0.02 credit). IMPORTANT: If not filled by 2PM EST, close at the market
+
BTC -6 CSCO Aug12 16 calls
STC 6 CSCO Oct12 16 calls
for a min credit of $0.01 (current mid is +$0.05 credit). IMPORTANT: If not filled by 2PM EST, close at the market

then,
BTC -5 CSCO Aug12 17 calls
at the market
+
STC 8 CSCO Oct12 17 calls
at the market

Max Risk: $745
Max Reward: $270 or 36% at $16 by Aug 17
Profit Range: $14.90 + by Aug 17
Suggested upside stop: @ NA (was 18)
Suggested downside stop: @ 14.30
Realized Profit / Loss on Fill: $20 or 2.7% (pre-commission)