[Selling Calls against Standard & Poors Deposit Receipts (SPY)/Selling to Open Jun 121 Calls (SPYFQ)/Day Order/Limit $0.45]
Dear Member,
I am placing an order to sell the Jun 121 calls (SPYFQ) at 45 cents or better for the day. I am placing this order to bring in some income and reduce my risk in my SPY LEAPS calls. If filled, this will be a covered position. I currently own the Dec '07 115 and 120 LEAPS calls on SPY. SPY has dipped down from a resistance in the 120 area so I am trying to profit from what appears to be a down move while still maintaining my longer term bullish position in SPY.
DISCLOSURE: At the time of publication, I am long the Dec '07 115 and 120 LEAPS calls on SPY.
Sincerely,
Bill Kraft for
CutLoss, Inc.
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