[Closing Short Call Leg on SPY/Buying to Close Jun 130 Calls (FYNLD)/Day Order/Limit $0.20]
Dear Member:
In a further attempt to close the bearish positions for the time being, I am placing an order to buy to close the Jun 130 calls (FYNLD) I earlier sold on SPY. I initially sold them for 45 cents and now my order is to buy to close at a limit of $0.20. That would bring in a net profit before commissions on this leg of $0.25 a share in 8 days.
DISCLOSURE: At the time of publication, I own the Dec '07 120 calls and am short the Jun 130 calls.
Sincerely,
Bill Kraft
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