STJ gave us a freebie, so we might as well take it and run.
We sold the Jan 45-50 put spread at $2.75 when the stock was trading at $47.75; now that the stock has gapped up quickly over the $50 mark up to $51.75 The put spread is $.70 bid, at $.85.
We'll buy it back for $.80 and we are out of the trade with a $1.95 profit ($195 per put spread).
We'll wait for the stock to come in again before taking on a new position. Volume is still way positive and the uptrend should continue. Watch for support at the 200 day MA.
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