I mentioned this morning that I would be looking to close the QQQ debit spread we placed yesterday.
There are two main reasons for this.
The first is that I did not suggest you buy a lot of time.
And the second is that the QQQ is flirting with the upper band on the daily chart.
Also, the QQQ is trading around $262 as I write this, which is around the price objective I was looking for.
Here is how you close the position:
Sell to Close July 24th - $257 Call for $8.60
Buy to Close July 24th - $263 Call for $5.00
The net credit will be $3.60 per spread.
The net is a profit of $1.60 per spread or $640 if you traded the suggested 4 lot.
The overnight return is 80%.
