Security in Focus: Urban Outfitters ($URBN)

$URBN has gone through $30. Previously we indicated May 17 $30 Puts, buy to open 3x in size at $0.25, now mid-market intraday at $0.90, for a pick-up of $0.65 per contract (Closed). Our basis is now $26.23 without the $XRT initial hedge, rendering the basis closer to $26.65. We see support in the $27.50 range, and are very comfortable at this valuation level. We would pick up more (since it's resting on 1/4 position) should it test support in that $27.50 range. #NotInvestmentAdvice #NoPositions