Close Bank of American options for a 9% loss

Our Bank of America (BAC) options have been lagging recently, and even though we have 2 months to expiration we are going to cut our losses and close these positions.

We have April 2014 $16 Puts that we were short at .54 cents, and April $17 Calls that we were long at .59 cents.  This trade is being closed today and we are buying back out puts .37 cents and selling the calls at .35 cents for a combined loss of 9.2%.

We would stick with this trade if expiration wasn't coming up in 2 months, as the calls will begin decaying more rapidly if the stock doesn't move up in value.  Better to take a small loss than to wait and see what happens.  The S&P has also had quite a run over since February 6, 2014, and we may be near a short term top or a sideways move.