Reducing risk

SOLD -1 2/-3 CUSTOM SPX 100 JUL 09/JUN 09 900/900 PUT/PUT @38.85 CBOE

The ratioed calendar has made over 100% of the cost. I just covered half of the ratioed calendar at a credit of $38.85 for a total credit of $3885. Right now, I am still holding holding half of the position.

Total debit = $3610 - $3885 = -$275 = $275 credit.

This is the best trade so far this year.