[Opening Position In Anadarko Petroleum (APC) LEAPS Calls]
Dear Member:
Anadarko Petroleum (APC) is coming off a quadruple hit support and looks like it could run a bit before hitting any significant resistance. The stock is currently trading around $43.50 and I like the Jan '08 $40 LEAPS calls (YPCAH) at $8.30 or better on a day order. The delta of these in the money calls is about .71. If I am wrong on direction, I would look at an exit my calls if the stock dropped below $42. The stock price has modest resistance near $46 and, again, just below $49.
DISCLOSURE: At the time of publication, I have no position in the referenced calls or the undrelying stock.
Sincerely,
Bill Kraft
|
