[Buying to Close Calls on SPY/Buying to Close Aug 128 Calls (SPYHX)/Day Order/Limit $0.80]
Dear Member:
The SP-500 has moved up a bit this morning and it looks like I can close the Aug 128 calls (SPYHX) on SPY that I originally sold on 7/12 for $1.60. I am placing an order to buy to close the calls at a limit of $0.80. If filled, I will enjoy a before commission profit of $0.80 a share for 12 days and, of course, still own my Dec '07 LEAPS position. If filled, my risk in the long position will be reduced by the profit taken on this leg.
DISCLOSURE: At the time of publication, I am long the Dec '07 120 calls and short the Aug 128 calls.
Sincerely,
Bill Kraft
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