[Creating Spread against SPY Calls]
Dear Member:
Once again, the S&P 500 ETF (SPY) has bumped itshead against downtrend support and turned down. Again, I am going to try to sell calls against my long existing Dec 140 calls and am placing an order to sell to open the Apr 139 calls (SFBDI) at a limit of $1.10. If filled, this will, once again, serve to reduce my risk in the underlying position and bring in some more income at the same time.
DISCLOSURE: At the time of publication, I own the Dec 140 calls on SPY.
Sincerely,
Bill Kraft
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