[Creating Diagonalized Calendar Spread on SPY/Selling to Open Jun 130 Calls (SFBFZ)/Day Order/Limit Credit of $0.40]
Dear Member:
With the SP-500 turning back down again, I am placing an order to sell the Jun 130 calls (SFBFZ) on SPY for a limit of $0.40 on a day order. If filled, this will bring in some cash and reduce the risk in my long term 120 calls on SPY. It will create a Jun 130/Dec '07 120 bull call spread.
DISCLOSURE: At the time of publication, I am long the Dec '07 120 calls.
Sincerely,
Bill Kraft
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