[Closing Short Leg of SPY Spread]
Dear Member:
As the SP-500 takes a bounce up, I am placing an order to buy to close the short leg of my Jan '08 140/155 spread. I am placing an order to buy to close the Jan '08 155 calls (CYYLY) at a limit of $6.60. If filled, that will result in a realized gain on the short leg of 60 cents a share before commission. Of course, that reduces the overall risk in the play by that amount and I will still be long the Jan '08 140 calls.
DISCLOSURE: At the time of publication, I have a 140/155 bullish call spread on SPY.
Sincerely,
Bill Kraft
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