[Adjusting Citigroup (C) Spread]
Dear Member:
With the downgrade of Citigroup (C)this morning, the stock has taken a tumble and put me in a position where I can take a fairly large profit on the short leg of my spread. I am placing an order to buy to close the Jan 47.50 call (CAW) leg of my 45/47.50 spread at a limit of 50 cents. If filled, this leg will have realized a profit of $2.60 a share before commission.
DISCLOSURE: At the time of publication, I am short the Jan 47.50 calls and long the Jan 45 calls on C.
Sincerely,
Bill Kraft
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