I hate closing positions before they are profitable, but I decided to shut this one down for several reasons. Reason #1: is very, very low. Without the advantage of further volatility contraction, I am much more dependent on directional correctness – a dependence I'd rather avoid. Reason #2: EWW has had a massive rally, much like the rest of the general market. So much so that my call is being tested. By some miracle I am still barely profitable on this trade – the power of volatility contraction. Any further up movement, however, will certainly turn this into a loser. Reason #3: My are getting pretty and my overall portfolio is heavy with negative delta as it is. Closing this position for a slightly profitable will allow me to cut my overall directional risk by 20%. I haven't lost any money on this position, so even though it feels anti-climactic, I think it is a strategically wise adjustment for my portfolio. This frees up my capital so I can move on to better opportunities!