[Creating Spread Against Calls on Sirius Satellite (SIRI)]
Dear Member:
I have a long call position in the Jan '09 2.50 calls (OAJAZ). I have written calls against this position before, and am again going to try to open a spread by selling some calls against my long position to bring in some income and reduce risk.
I am placing a day order to sell to open the Jan '09 5 calls (OAJAA) at a limit of 25 cents.
DISCLOSURE: At the time of publication, I own the Jan '09 2.50 calls on SIRI.
Sincerely,
Bill Kraft
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