We hold two June 65 calls for 0.84 against three June 62 puts for 0.92. With the Cubes rallying into a shortened month (i.e., a June 25 expiration), this position is going to start shedding value quickly. Let’s try to close it out in the opening hour at near-break-even prices. We have 4.44 in the position (1.68 + 2.76) and it closed yesterday at 4.46( 0.64 + 3.84), so scratching the trade is do-able. I suggest exiting the puts first, since the calls are not going to move much on a rally. _______ UPDATE (May 23, 12:51 a.m EDT): If you exited on the opening yesterday you’d have gotten 1.27 for the puts, for a total of 3.81; and 0.38 for the calls, for a total of 0.76. The theoretical profit would have been $13, effectively a scratch.
