[Buying to Close Short Calls on Tech ETF (XLK)/Buying to Close Jan '07 22 Calls (VQPAV)/Day Order/Limit $0.85]
Dear Member:
With the bounce in the Tech ETF (XLK), I am placing an order to buy to close the Jan '07 Calls (VQPAV) at a limit of $0.85 for the day. If filled, that will represent a return of 7.2% before commission on my investment in the Jan '08 15 calls and will reduce the risk in that position by $0.60.
DISCLOSURE: At the time of publication, I own the Jan '08 15 calls and am short the Jan '07 calls on XLK.
Sincerely,
Bill Kraft
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