[Creating Spread on Tech ETF (XLK)/Selling to Open Jan '08 22 Calls (WQDAV)/Day Order/Credit Limit $1.75]
Dear Member:
As you may recall, I own the Jan '08 15 LEAPS calls on XLK (the technical ETF). The techs have turned back down today, so I am placing an order to sell the Jan '08 22 calls (WQDAV) for $1.75 or better. If filled, this will bring in some income, reduce risk in the long position and create a bullish 15/22 call spread.
DISCLOSURE: At the time of publication, I am long the Jan '08 15 calls on XLK.
Sincerely,
Bill Kraft
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