May 23, 2013


Salesforce.com (CRM)


Bias: Bullish
Price Target: $48


We are bullish on CRM and want to purchase a backspread to take advantage of the possible move higher.
Given the historical volatility and price action of CRM post their quarterly EPS announcements, we are inclined to keep our position small.


BUY To OPEN 3 May-31 CRM 46 Calls trading at $1.75
SELL To OPEN 1 May-31 CRM 45 Calls trading at $2.00

CRM is now trading at $45.39
This spread is now trading at $3.25
The Total debit of this trade is $3.25

Do not pay over $3.75 for this spread


Day Order only

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