[Closing Short Leg on Sirius Satellite Radio (SIRI)/Buying to Close Dec 6 Calls (QXOLI)/Day Order/Limit $0.20]
Dear Member:
Sirius Satellite Radio (SIRI) looks like it may be regaining some strength so I am going to buy to close the Dec 6 calls I sold in May. I am placing an order to buy to close the Dec 6 calls (QXOLI) at a limit of $0.20. That will bring in a nickel profit on that leg. Of course, I still have my long position in the Jan '08 2.50 calls as SIRI moves back up.
DISCLOSURE: At the time of publication, I am long the Jan '08 2.50 calls and I'm short the Dec 6 calls.
Sincerely,
Bill Kraft
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