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November 21, 2009
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Schlumberger Ltd. (SLB)
March 24, 2009Dear Fellow Option Trader,
On March 12, we recommended you buy the Schlumberger (SLB) April 50 Calls (SLBDJ) for 40 cents and sell the SLB April 35 Puts (SLBPG) for $1.35. The stock has just run $10, and time is not our friend on the out-of-the-money call. With a 200%-plus winner, it is time to turn this paper profit into a hard-dollar gain.
We are recommending that you "sell to close" the SLB April 50 Calls (SLBDJ) for $1.50 or better. You should stay short the puts, as we believe they are likely to expire worthless in a few weeks.
Have a great day trading.
Nick Atkeson and Andrew Houghton
Editors
Options Trader
