Closed June DRYS “Insurance” Put

DRYS has come back up from its lows last week when I bought an extra June put to cover the July naked put.  Since the new June 70 put (DQRRN) only had 4 1/2 days left before expiration I bought it back today to save a little of my insurance that I was paying out to protect me from a continued decline in DRYS price.  While DRYS was trading at 76.00 I sold this DQRRN put and received $74.25 after commissions.  I’ll end up taking a loss of nearly $200 on the put option I bought, but if DRYS stays up now I’ll make almost $240 on the naked put giving me a total profit of roughly $45.

Sorry for no index chart this weekend.  I spent the weekend not doing much of anything productive, but all completely relaxing.  I watched a kids’ movie with my four year old son and was able to see my dad for Father’s Day on Saturday evening.  I hope everyone else had a good weekend and you are all ready for another exciting week leading up to options expiration Friday.  I’ll get another chart up this weekend if not before also.