[Closing Short Leg of Spread on SPY]
Dear Member:
With the recent and current fall of the market, there is quite a bit of profit in the short leg of my call spread on SPY. I am now going to attempt to take that profit and am placing an order to buy to close the Dec 150 calls (SFHLT) at a limit of $4.30. I originally sold these calls for $8.50 so a fill would represent a gain of $4.20 a share. I will continue to hold the long position in the Dec 140 calls for now.
DISCLOSURE: At the time of publication, I hold the referenced spread on SPY.
Sincerely,
Bill Kraft
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