[Closing Short Leg on Biotech ETF (BBH) Spread/Buying to Close Jul 180 Calls (BBHGP)/Limit $0.80/Day Order]
Dear Member:
The Biotech ETF (BBH) dropped to a support and turned. I like that position to buy back the Jul 180 calls I sold on the 19th. My order is to buy to close the Jul 180 calls at a limit of $0.80. With a sale at $1.85, that would be a profit of $1.05 a share before commissions in 4 days. My risk in the long position of the Jan 200 calls is reduced by the profit and I have enjoyed some income.
DISCLOSURE: At the time of publication, I am long the Jan 200 calls and short the Jul 180 calls on BBH.
Sincerely,
Bill Kraft
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