[Selling LEAPS Calls on SPY to Create Spread/Selling Dec '07 140 Calls (FYNLH)/Limit $7.40/Day Order]
Dear Member:
I just rolled my Dec '06 120 calls on SPY to the Dec '07 120 calls. I am now placing an order to sell the Dec '07 140 calls (FYNLH) at a limit of $7.40. If filled, this will create a 120/140 spread, bring in some nice income and reduce my risk in the long call position.
DISCLOSURE: At the time of publicaiton, I am long the Dec '07 120 calls.
Sincerely,
Bill Kraft for
CutLoss, Inc.
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