#7 Short Call Spread on ADBE
Expiration: June 16 (58 days out)
ATM: $96.28
Sell 100 Strike Call
Buy 105 Strike Call
Credit: $1.16
Close the order for 30 cents
The reason for this trade: Adobe announced earning about a month ago with a large gap up. The resistance for the stock is at $98 and this is the one year high level. I do not expect the stock to go above the 100 short strike call.
Delta for the short call is 34%. A little more than max 32% plan.
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