With markets sharply down this morning, we want to extend the profit range of our EEM July/Sept calendar put spread to the down side by rolling half of our position at 140 to a put calendar spread at 130, as follows:

-2 EEM Sept 140 put
+2 EEM July 140 put
for a net credit of $3.80;

+2 EEM Sept 130 put
-2 IBM July 130 put
for a net debit of $4.40.

Again, the two-contract trade size above represents half of our position. We now have a double-calendar with break-evens at $128.30 and $142.60. We’ve reduced our position delta from more than 60 to less than 25, and raised theta from about 12 to about 16.