[Buying to Close June Calls on SPY/Buying to Close Jun 121 Calls (SPYFQ)/Limit $0.30]
Dear Member,
With only three days left until expiration and with SPY hovering just below 121, I have decided to take my profit and buy to close my Jun 121 calls (SPYFQ) on SPY. I will be buying these back for $0.30 and had sold them for $0.45 so I am realizing a 15 cent profit before commissions in a relatively short time. I do not want to risk a last minute jump in SPY that could force me to take a loss on this leg. I still have my Dec '07 115 and 120 calls.
DISCLOSURE: At the time of publication, I am short the Jun 121 calls and long the Dec '07 115 and 120 calls on SPY.
Sincerely,
Bill Kraft for
CutLoss, Inc.
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