[Entering LEAPS Calls Position on SPY]
Dear Member:
The SP-500 and the ETF that tracks it (SPY) have bounced back up above the uptrend line. While I remain cautious overall, I am opening a small initial position by placing an order to buy to open the Dec '08 135 LEAPS calls (CYYLE) at a limit of $17.30 or better for the day. These calls currently have a delta around .72. An SP-500 close below the trend line would be reason to exit the position if filled.
DISCLOSURE: At the time of publication, I have no position in SPY.
Sincerely,
Bill Kraft
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