[Buying to Close Short Leg on Biotech Hldrs (BBH)/Buying to Close Sept 185 Calls (BBHIQ)/Day Order/Limit $0.80]
Dear Member:
Last Monday, I sold the Sept 185 calls on BBH for $1.30. That created a spread against my already exisiting Jan 200 call position. The BBH fell since then and has now bounced up a bit giving me the chance to buy back those calls for a profit. I am placing an order to buy to close the Sept 185 calls (BBHIQ) at a limit of $0.80 for the day. If filled, I will realize a 40 cent a share profit before commission on this leg in a week. My risk in the long position will also be reduced by that amount.
DISCLOSURE: At the time of publication, I am long the Jan 200 calls and short the Sept 185 calls on BBH.
Sincerely,
Bill Kraft
|
