[Opening Put Position on Watson Pharmaceuticals (WPI)]
Dear Member:
Watson Pharmaceuticals (WPI)is down from a resistance and it looks like there may be an opportunity in some relatively inexpensive out of the money Aug 25 puts (WPITE). Open interest in these puts is barely above my minimum so I will try to take a small position and am placing an order to buy to open the Aug 25 puts (WPITE) at a limit of 70 cents. The current spread is $0.65 x $0.75 and my order is in the middle so it depends on how generous the market maker is feeling this morning whether I get a fill or not.
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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