[Closing Short Leg of Sirius Satellite Radio (SIRI) Spread]
Dear Member:
Sirius Satellite (SIRI) has jumped today. MACD has crossed over and DMI is on the verge of crossing up. I am long the Jan '08 $2.50 calls and short the Jan '08 $5 calls (YFWAA). I am placing an order to buy to close the short leg (buying to close the Jan '08 $5 calls) at a limit of $0.45. If filled, that will give me a small profit on that leg and I will still own the Jan '08 $2.50 calls as the stock is moving up.
DISCLOSURE: At the time of publication, I am long the Jan '08 2.50 calls and short the Jan '08 5 calls on SIRI.
Sincerely,
Bill Kraft
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