To date, the yiiccch spread (short 1 CPN Feb 7.50 put, long two CPN April 7.50 put's - opened at .50 Feb bid and rampant 1.75 April prints) has made 1.50 (before commissions), which is more than any naked short put trade could have made, entered at the same time using the same amount of capital, even if you tied up that capital until expiration, and they expired worthless.


Now, as to the exit, blah, any theoretical profits will surely evaporate.


Could the yiiccch spread - with all its obfuscation - possibly have done any better? CPN is down almost a third, and yet the short Feb puts expired worthless.


eLROY