[Entering LEAPS Call Position on Tesoro Corp (TSO)]
Dear Member:
As a post split play, on Tesoro (TSO)I am placing an order to buy the Jan '09 $60 calls (ZGCAL) at a limit of $13.70. Currently, these calls have a delta of about .69. Premiums in earlier expirations are not too shabby and could provide an opportunity to sell against the underlying long position to create diagonalized calendar spreads if I am filled on the initial order.
DISCLOSURE: At the time of publication, I have no position in the referenced calls or the underlying stock.
Sincerely,
Bill Kraft
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