See Additionally: Carter Value And Mike Khouw’s Estée Lauder Commerce
Khouw needs to purchase the July $400 put for $7.65 and he would finance the acquisition by promoting the July $435 name for $3.65 and the July $375 put for $3. In case SPY trades decrease, Khouw would have safety between $400 and $375. With the sale of the decision, he’s limiting his upside to $435 or 4.24% above SPY’s closing value on Friday.
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