[Closing Position on SPY]
Dear Member:
Yesterday, SPY which tracks the the SP-500 closed below the trend line and it remains below that line today. The Dec '07 120 calls (FYNLD) I own have just over a year of life and time value will start to drain out faster and faster. I am now going to take a fairly significant profit of $4.20 a share or a 22% return before commissions in less than a year. I am placing an order to sell to close my Dec '07 120 calls at a limit order of $23.30, good for the day.
DISCLOSURE: At the time of publication, I own the referenced calls on SPY.
Sincerely,
Bill Kraft
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