[Buying LEAPS Calls on Qualcomm (QCOM)/Buying to Open Jan '08 30 Calls (WLUAF)/Day Order/Limit $9.30]
Dear Member:
Qualcomm (QCOM) has held in the area of both a daily and a weekly support and has bounced. With the stock trading around $34.86, I am placing an order to buy the Jan '08 30 calls (WLUAF) that currently have a delta around .75. The options are about $4.86 in the money. Initial exit for me will be if the stock drops below $32.70. I expect to move the exit up fairly quickly to the short term trend line if the stock can continue up.
DISCLOSURE: At the time of publication, I have no position in the referenced LEAPS or the underlying stock.
Sincerely,
Bill Kraft
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