[Creating Spread against LEAPS on Knight Trading Group (NITE)]
Dear Member:
Last week, I bought the Jan 2010 $17.50 calls (YTIAW) on Knight Trading (NITE) and the stock price has fallen since then. In order to reduce that risk and bring in some income, I am placing a day order to sell to open the Jul 20 calls (QTNGD)at a limit of $0.40. This limit is in between the current spread so I don't know whether it will be filled at this level or not. I'll let you know if I get a fill.
DISCLOSURE: At the time of publication, I am long the '10 17.50 calls on NITE.
Sincerely,
Bill Kraft
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