[Selling Calls on Morgan Stanley (MS)/Selling to Close Jul 60 Calls (MSGL)/Day Order/Limit $4.40]
Dear Member:
Morgan Stnaley (MS) is taking a tumble so I am going to sell the call side of my Jul 60 straddle to take some profit on that side and hold the put side to see whether I can get some profit from that side on a further drop. I am also almost half way through the position and that isn't a bad time to bail if things haven't gone well. It looks as though I could get lucky here, though.
I am placing an order to sell the Jul 60 calls (MSGL) at a limit of $4.40 for the day.
DISCLOSURE: At the time of publiction, I have a long straddle on the Jul 60's of MS.
Sincerely,
Bill Kraft
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