[Opening LEAPS Call Position in Citigroup (C)]
Dear Member:
The markets have broken some relatively significant resistances this morning and may be showing some real bullishness for the first time in a long time. The increase in the price JP Morgan is paying for Bear Stearns is a positive for the depressed financials. Citigroup (C)was up on increased volume Friday and closed above the 20 day exponential moving average. It is up again today with a positive DMI crossover. I am placing an order to buy to open the the Jan 2010 $20 LEAPS calls (WRVAD) at a limit of $7.90. The current delta is around 71.
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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