[Creating New Spread on SPY against Existing Long Calls]
Dear Member:
The S&P 500 is down off resistance again today so I am going to try to create another spread against my existing Dec 140 calls. I am placing an order to sell to open the Q2 Jun '08 145 calls ((JBGFO) at a limit of $0.35. If filled, this move will again bring in income against my long call position and reduce risk in that position as well.
DISCLOSURE: At the time of publication I own the Dec 140 calls on SPY.
Sincerely,
Bill Kraft
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