[Closing Short Leg of Biotech Hldrs (BBH) Spread/Buying to Close Oct 185 Calls (BBHJQ)/Day Order/Limit $2.55]
Dear Member:
On Monday, I sold the Oct 185 calls (BBHJQ) for $3.10. That created a spread against my Jan 200 calls. BBH then dipped and this morning is bouncing off a support. I am going to take profit on this leg and buy back or buy to close the Oct 185 calls (BBHJQ) at a limit of $2.55 for the day. If filled, I'll realize a $0.55 a share profit on this leg in a week.
DISCLOSURE: At the time of publication, I am long the Jan 200 calls and short the Oct 185 calls on BBH.
Sincerely,
Bill Kraft
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