[Closing Short Leg of Citigroup (C) Spread]
Dear Member:
After a drop, Citigroup (C) has bounced and I have the opportunity to profit by buying to close the Jan '08 55 calls (WRVAK) that I originally sold for $1.85. These calls are currently quoted at $1.55 x $1.65 and I am placing an order to buy to close the Jan '08 55 calls ((WRVAK) at a limit of $1.65. If filled, that will result in a 10.8% gain on this leg in about a month and a half. Of course, I still own my Jan '08 45 calls (WRVAI).
DISCLOSURE: At the time of publication, I am short the '08 55 calls and long the '08 45 calls on C.
Sincerely,
Bill Kraft
|
