[Creating Spread on Biotech Hldrs (BBH)/Selling to Open Oct 185 Calls (BBHJQ)/Day Order/Limit $3.00]
Dear Member:
Once again, BBH has hit resistance near 180 and fallen back. As you probably recall, I own the Jan '07 200 calls and now want to create a diagonalized calendar spread by selling some shorter term calls to reduce risk in the long position and bring in some income. I am placing an order to sell ot open the Oct 185 calls at a limit of $3.00 for the day.
DISCLOSURE: At the time of publication, I own the Jan '07 200 calls on BBH.
Sincerely,
Bill Kraft
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