[Buying LEAPS Calls on Internet Initiative Japan (IIJI)/Buying to Open Jan '08 7.50 Calls (WKIAU)/Day Order/Limit $3.50]
Dear Member:
After a little slide, Internet Initiative Japan (IIJI) has broken up through the downtrend on some decent volume, and there has been a stochastics crossover. The stock is trading just over $9 and there is recent support at $8.69. The Jan '08 7.50 calls (WKIAU) are 3.30 bid x 3.70 ask and that is a pretty greedy spread. I am placing an order to buy the WKIAU at a limit of $3.50 for the day to see whether I can get in between the spread. The calls I am trying to buy have an attractive delta around .77.
DISCLOSURE: At the time of publication, I have no position in the referenced options or the underlying stock.
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