Housekeeping: AAPL, GLD and IWM

I am making several changes here, so putting them all under one housekeeping note.  


AAPL - We have held a bearish position in Apple for past two weeks by virtue of May/June $230 put calendar and May/July $250 call calendar.  Both spreads have expanded nicely as the stock is trading at $253 as of this writing.  While there may still be some downside left in the short-term, but long term Apple is still in up trend.


I am closing both calendar completely and taking profits.  May/July $250 call calendar for $3.80 debit and May/June $230 put calendar for $3.50 debit.  


The next step is to start a new May/July $270 calendar as I mentioned in the past to bet on a rebound, but I am not yet ready to pull the trigger yet.  Let the dust settle first.


GLD - Well before anyone saw the upcoming spike in gold, we got into June 114/118 call spread for $1.32.  The spread has expanded to $2.10 as of this writing as GLD is trading up at $116.90.  I am closing half position and booking 59% profit.  


IWM - Over a month ago, we noticed S&P 500 hitting against 61% fib retracement at 1230.  That also corresponded with end of tax filing season, meaning the last batch of IRA contribution was coming to an end.  We followed through and held our bearish hedge through May 68/63 put spread which was purchased for $1.40.  I am making the following adjustment to the trade:


- Buy to close 1x May $63 puts for $0.41 debit


- Buy to open 1x May $62 puts for $0.33 debit
- Sell to open 2x May $65 puts for $0.65 credit


The whole adjustment will release $0.56 net credit and it converts our existing position into bearish May 62/65/68 put butterfly at average cost of $0.84.  The reason why I am doing this adjustment is to partially cash out from the trade and still continue to have a hedge in place.  


Good luck!