[Buying to Close Short Calls on Biotech ETF (BBH)/Buying to Close May 185 Calls (BGZEQ)/Day Order/Limit $0.70]
Dear Member:
As you know, I sold the May 185 calls (BGZEQ)on BBH last month and I am now attempting to buy them back (buy to close) to realize a profit on that leg as BBH appears as though it may turn back up. I originally sold them to open the position for $1.80. I am now placing an order to buy to close the May 185 calls (BGZEQ) at a limit of $0.70. If filled, the profit before commission will be $1.10 a share and it will free up my underlying Jan 200 calls to create another spread.
DISCLOSURE: At the time of publication, I own the Jan 200 calls and am short the May 185 calls on BBH.
Sincerely,
Bill Kraft
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