[Creating Spread against Citigroup (C) LEAPS Calls]
Dear Member:
Citigroup (C)is continuing to show weakness so I am going to sell some calls against my Jan 2010 20 LEAPS calls. I am placing an order to sell to open the Jan '09 25 calls ((VRNAE) at a limit of $1.39. If filled, this will create a diagonalized calendar spread and will bring in income while further reducing the risk in the long call position.
DISCLOSURE: At the time of publication, I am long the Jan '10 20 calls.
Sincerely,
Bill Kraft
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