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WYNN weekly puts for income

Another trade I would like to take is some income producing trade. I will sell weekly options against my long puts. Currently I hold
1 WYNN Dec 17 2011 130 Puts

and I will sell

1 WYNN Nov 11 2011 (weekly)125 Put @ limit credit 1.35 per contract.

Basically this trade will be adjusted into a diagonal spread. The new trade (if it opens) will reduce the original cost of the long puts by $135, lowering it from $9.25 to $7.9 per original contract. If this new trade expires worthless next week, I will be able to repeat this trade.





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