[Opening Iron Condor on Lehman Brothers (LEH)]
Dear Member:
Lehman Brothers (LEH) has a support near $55 and a resistance near $65. March expiration is a little over 5 weeks away. I am placing an order to open an iron condor by simultaneously opening all the following legs for a net credit of $1.35. The order I am placing is simultaneously to buy the Mar 75 calls (LESCO), sell the Mar 70 calls (LESCN), sell the Mar 50 puts (LESOJ), and buy the Mar 45 puts (LYHOI) for a net credit (before commission) of $1.35. If filled, this will provide the potential for a 37.9% return on risk (before commission) in 44 days.
DISCLOSURE: At the time of publication, I have no position in the referenced options or the underlying stock.
Sincerely,
Bill Kraft
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