[Closing Short Leg of Anadarko Petroleum (APC) Spread]
Dear Member:
Anadarko Petroleum (APC) has returned to a level of support and I now have the opportunity to close the short leg of my spread for about a 13% gain before a small commission. I am placing an order to buy to close the Jan '08 47.50 call (YPCAW) at a limit of $2.70. I originally sold this leg at $3.10 so this would represent a 40 cent a share gain on this leg.
I also want to mention that I will continue watching the markets today, but will be travelling tonight and most of tomorrow so do not expect to hear from me Friday. The Weekend Summary will come out on Saturday.
DISCLOSURE: At the time of publication, I am long the Jan '08 40 calls and short the Jan '08 47.50 calls on APC.
Sincerely,
Bill Kraft
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