Hey guys what do you think I should do with my option position here. Currently I have on the SIRI September 17' 2011- 2.00 / 2.50 Bull Put Spread, I collected 0.20 when I opened the position. I was thinking about buying back to close my current position for a debit of 0.34 and then rolling my position out to January 2011 and collecting approximately 0.32 What do you guys think I should do? Should I wait another month or two and see where we are or should I adjust my position? SIRI is currently trading at 2.095 All advice helps, thanks guys.
What strategy are you pursuing? What was your thinking in picking your short strike? What were your plans if the underlying increased, decreased or stayed relatively stable? Then maybe we can offer some advice.
When I first put this bull put spread on, SIRI was trading around 2.30 But then we dropped down quite a bit, so I have switched my price point for the stock. I am also long the SIRI January 2012 - 2.00 / 2.50 bull call spread I also own stock, and I wrote December 3.00 calls against my stock to collect some premium to help pay for my bull call spread. Right now I am extremely confident that SIRI will be trading 2.50 or higher by December 2011 to January 2012. I just want to adjust my SIRI September 17' 2011 - 2.00 / 2.50 bull put spread the best way possible. Thanks guys.