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Trades you can make: Jeff (From October 28th TMF options weekly issue)

Western Union (NYSE: WU): Buy half an allocation in shares and sell to open a February 2012 $18 covered straddle (selling $18 puts and calls), lately for around $2.20.

I followed the above recommendation with a slight twist … I purchased 100 shares of WU for $17.65 and sold Feb12 puts for $1.80. I setup a GTC order to sell Feb12 calls for $1.50 but after a few weeks it did not happen, so last week I decided to sell May12 calls for $1.50. Today my account has a $330 credit for the option sales plus the small gain on the the WU stock.

Is this still considered a straddle? Any other thoughts on this trade?
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