Market had a couple of strong rises after I bought Dec 8 $155 call on QQQ. I bought back this option to make the QQQ Long position naked. I also took similar action on the SPY short call today.
Each moment in the market is unique and market can give ramdon wins or losses for each trade. The goal is to have long term profits with reduced risks of this type of diagonal spread positions. The targeted hedge cost is under 20% of profits.
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