For now, stick with the two November 300-310-320 butterfly spreads we hold for a 0.20 debit apiece. The spread closed at 2.35, yielding a paper profit of $430 on our position, but I think we can do better. If it’s possible to leg out of it for much better prices, I’ll signal it in the chat room and via an update to this tout. I’ve included a snapshot of an option calculator that will allow you to determine the value of our butterfly as of Friday, November 12, with the stock trading anywhere between 304 and 318. At $310, for instance, the butterfly would be fairly valued at 3.53 (-2 x $425 to cover the short 310s, and 12.03 realized from the sale of the 300 and 310). _______ UPDATE (12:07 p.m. ET): Cover the spread, which is an easy sale right now for around $7. With the stock trading 311.86, the November 300 call that we are long can be exited for 12.20, and the two November 310 calls we are short, covered for around 2.60 apiece. I have also posted this recommendation in the chat room.
