[Closing Short Leg of Sirius (SIRI) Spread/Buying to Close Dec 5 Call (QXOLA)/Day Order/Limit $0.40]
Dear Member:
Sirius Satellite Radio (SIRI) is beginning to show some strength and I want to remove the short leg that I had earlier sold to bring in income and reduce risk. I am willing to close the Dec 5 calls by buying them back for 40 cents or less. I originally got 40 cents so this will cost me commissions at worst. Meanwhile, my '08 2.50 calls should be moving.
DISCLOSURE: At the time of publication, I am short the Dec 5 calls and long the Jan '08 2.50 calls.
Sincerely,
Bill Kraft
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