[Information Only/SPY Dec '06 120 LEAPS (CYYLD)]
Dear Member,
I usually don't want to burden you with additional thoughts and information during your busy life. Today is a little different because of my position in SPY where I own the Dec '06 120 LEAPS Calls (CYYLD). At the moment, there is an opportunity to take a small profit and sell those LEAPS on a limit of $13.90. If filled, that would realize a 20 cent a share profit.
I have decided not to close my trade and am looking for a bigger move. SPY is currently in a very tight two day channel moving between 127.18 and 127.99. Since this is at an area of resistance, I am looking for a close above 127.99 as an indiciation to perhaps add to my position and a close below 127.18 to close the position and take a probable small loss. I don't know which way it will go and there is a possible 20 cents on the table, but in this instance, I'm going to take the chance (and that's what it is) that the move will be to the high side.
Sincerely,
Bill Kraft for
CutLoss, Inc.
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