[Opening Position in The Blackstone Group LEAPS (BX)]
Dear Member:
The Blackstone Group (BX) has been in a downtrend some time. It now appears to have established a triple bottom support in the vicinity of $18. I am placing an order to buy the Jan 2010 out of the money 25 LEAPS calls (KJLAE) at a limit of $2.20. Currently the delta on these is about 39. If filled, it will give me the opportunity to see potential profit on a rise in the stock price and also may enable me to sell calls against the position in order to reduce risk and generate income over time.
DISCLOSURE: At the time of publication, I have no position in the referenced LEAPS or the underlying stock.
Sincerely,
Bill Kraft
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