[Buying to Close Short Leg of Sirius Satellite (SIRI) Spread/Buying to Close Jan '08 $5 Calls (YFWAA)/Day Order/Limit $0.65]
Dear Member:
Sirius Satellite (SIRI) has bounced off a support and I it looks like I can buy back the Jan '08 5 calls (YFWAA) at a little profit while keeping the '08 2.50 calls that I am long. I am placing an order to buy to close the Jan '08 5 calls (YFWAA) at a limit of $0.65. If filled, I will have realized a before commission gain of 13% on that leg.
DISCLOSURE: At the time of publication, I am long the Jan '08 2.50 calls and short the Jan '08 5 calls.
Sincerely,
Bill Kraft
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