[Closing Half Position in Genitope (GTOP)]
Dear Member:
With an important price-moving announcement due before the end of the month by Genitope (GTOP), I want to take profit on 1/2 my position and reduce overall risk. I am placing an order to buy to close half my Jan 2.50 naked puts (GWYMZ) at a limit of $1.20. If filled, that will result in a before commission return on risk of a little over 13% on the closed portion in 8 days.
DISCLOSURE: At the time of publication, I am short puts on GTOP.
Sincerely,
Bill Kraft
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