[Closing Short Leg of Biotech Hldr (BBH) Spread/Buying to Close Jun 180 Calls (BBHFP)/Day Order/Limit $1.50]
Dear Member:
As expiration approaches and BBH has not shown a definitive direction, I am going to close the short leg of my diagonalized calendar spread by placing an order to buy to close the Jun 180 calls (BBHFP) at a limit of $1.50 for the day. That represents a 20 cent gain on this leg since May 12th.
DISCLOSURE: At the time of publication, I am long the Jan 200 calls and short the Jun 180 calls on BBH.
Sincerely,
Bill Kraft
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