sell to open 1 March 2013 $153 put option at $1.27
buy to close my GLD put option at $0.41
Net gain: $84.45
Initial investment amount: ZERO!!!!
GLD closed at $154 on 3/15/2013 (expiration Friday), so my put option would have been fine. However, I like to be disciplined and close out short put options if they have dipped "in the money" during the life of the option.
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