NaughtyPines
Long

COVERING VXX SEPT 16TH 13/MAY 6TH 17.5 SHORT CALL DIAGONAL

AMEX:VXX   IPATH S&P 500 VIX SHORT TERM FUTURES TM ETN
I put this on on April 1st, thinking it might be a while before I could take it off, but covered it today on this pop, freeing up the buying power for another go should be strike $17 again. I put it on for $373/contract, and took it off today for a $419 credit, yielding a $42.93/contract profit in six days.

Naturally, this isn't hugely earth shattering profit-wise, it's always best to take off a VXX             setup of this type as soon as possible. The contango helps your short call in the long run, but also eats away at the value of your long over time ... .
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