NaughtyPines

SOLD VRX SEPT 16TH 17.5 SHORT PUT

NYSE:VRX   VALEANT PHARMACEUTICALS INTERNATIONAL INC
... for a .91 ($91) credit ... .

Here are the metrics:

Probability of Profit: 76%
Max Profit: $91/contract
Max Loss/Buying Power Effect: Undefined/$175/contract
Break Even: 16.59

Notes: I'll look to take this off at 50% max profit. Not interested in being married to a position with this cluster of a company ... .
Trade closed manually: Covering this for an .85 debit, which is basically a scratch. Have my eye on "sexier" plays ... .
Why closing? Looks like it was treading water whic is what you want being short.
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Oh, just want to free up the buying power for other stuff. Really, what I should have done is just cover a few units ... .
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