[Opening Position in JER Investors Trust, Inc. (JRT)]
Dear Member:
United Technologies (UTX) now looks like it has reversed course and turned bullish. I am placing an order to adjust my current bearish call spread by buying to close the short leg which will leave only the long leg in place for now. The order I am placing is to buy to close the Dec 75 calls (UTXLO) at a limit of $3.10. If filled, this will result in a loss on that leg which I will try to overcome with the long Dec 80 calls or by an additional adjustment. I should note that adjusting a spread usually results in changing the risk picture and if this order is filled, I will incur the loss on this leg and could also have a loss or a gain on the remaining long leg. I'll be watching closely to see whether I need do anything with the long calls.
DISCLOSURE: I have the referenced spread on UTX.
Sincerely,
Bill Kraft
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