closing UNG straddle +96% in 3 weeks, raising stop on SRS

We now close our straddle of UNG, the entry details for which are found in the post immediately below dated August 8.

We "close" this position effectively by selling the puts only at this time, last traded at $2.55

Selling the calls for the $0.05 currently bid is not worth it in our view, as there may be a rebound in UNG before the October expiry which may add significantly to the value of these calls. If that happens we'll update accordingly. For now consider this straddle closed for a profit of 96% in just 3 weeks.


We raise our stop on SRS to $10.45 thus limiting risk on this position to roughly 6% rather than the risk of roughly 15% represented by our original stop level. Details of this entry can also be found in the post immediately below dated August 8.



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