Hey Bill,

I am really sorry for the delay of this reply as it is a weekend for us here.

Yes, that was possible, you have to configure 2 option from your backend settings :
#1. Enable this option from backend > Easyblog > Settings > general > Login To Read Full Post - YES (screenshot : http://screencast.com/t/ip2SGlMBvM )
#2. Set your post content truncation setting from backend > Easyblog > settings > layout > truncation > http://screencast.com/t/VxHGzRhYHlE

Hope this help.