I went ahead and closed out my (3) Naked Puts for NYX that were for a strike of $25 this month (July 09). It cost me 25 cents per put to buy them back. It was still a very nice trade and will look to re-enter the position for an August strike within the next week. I bought them back because I already have 300 shares that I am writing Covered Calls against and due to the short term market volatility of earnings annoucements this week I wanted to free up cash (cash secured for this put) to be available to invest in case we have a significant pull back. Absent a significant pull back I will move right back into NYX for August strikes.
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