[Closing Short Leg of Spread on SPY]
Dear Member:
March expiration is upon us and I have a nice profit in my Mar 135 calls (SFBCE) on SPY. I am now placing an order to buy to close those Mar 135 calls (SFBCE) at a limit of $0.02. If filled, that will eliminate any chance of being called at 135 in the event the S&P experiences a big run-up during the day in this very volatile time.
DISCLOSURE: At the time of publication, I am short the Mar 135 calls on SPY and long the Dec 140 calls on SPY.
Sincerely,
Bill Kraft
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