[Closing Short Leg of Anadarko Petroleum (APC) Spread]
Dear Member:
Anadarko Petroleum (APC) has bounced today and I would like to close the short leg of my call spread by buying to close the Jan '08 45 calls (YPCAI) at a limit of $2.60 for the day. If filled, the short leg will be closed at a profit and I will still be long the Jan '08 40 calls with a reduced risk in the position as a result of the sale and subsequent buy to close of the short leg.
DISCLOSURE: At the time of publication, I have the Jan '08 40/45 bullish call spread on APC.
Sincerely,
Bill Kraft
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