[Creating Spread on SPY/Selling to Open Oct 133 Calls (SFBJC)/Day Order/Limit $1.10]
Dear Member:
SPY which tracks the SP-500 has risen near a resistance and is falling back. I am long the Dec '07 120 calls and now want to create a diagonalized calendar spread to bring in some income against that position and reduce risk. I am placing an order to sell to open the Oct 133 calls (SFBJC) at a limit of $1.10 on a day order.
DISCLOSURE: At the time of publication, I own the Dec '07 120 calls on SPY.
Sincerely,
Bill Kraft
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