[Buying LEAPS Calls on S & P Deposit Receipts (SPY)/Buying Dec '07 115 Calls (FYNLC)/Day Order/Limit $19.10]
Dear Member,
I am back from a great vacation in Tuscany and London. While I was gone, I was stopped out of my 115 and 120 LEAPS calls on SPY for a profit. SPY "tracks" the SP-500.
SPY is in an uptrend and has just bounced up off the uptrend line. I am placing an order to buy the Dec '07 115 LEAPS calls for $19.10. If filled, these calls would be about $7.50 in the money and the time portion of the premium would equal about $0.45 a month for the next 26 months. In the event SPY moves against me, my initial exit will be on a close below 120.30.
DISCLOSURE: At the time of publication, I have no position in the referenced options (LEAPS) on SPY.
Sincerely,
Bill Kraft for
CutLoss, Inc.
|
