I’m still expecting support to hold for the next few weeks on the S&P 500 at 741 after testing that level again on Monday. I rethought my position though. I originally paid $432.24 for my SSO March 19 long calls. The issue with that trade was that SSO needed to be above $19 to retain…
Closed MON Covered Call for Quick Profit
I saw MON down this morning, but then it bounced off the low side of its trading range. I checked the premium of the MON covered call I rolled on Friday and saw I already had half the profit I was aiming for with the option. So, while MON was trading at $74.90 I bought…
Sold USO Calls & Bought SSO Calls
USO I started the day by selling covered calls on my 300 newly acquired USO shares I had to buy at $31.00 (I paid $9,319.99 with commissions) from the February 31 naked puts that expired in the money (ITM). USO started up and then headed south with the rest of the markets. While USO was trading at…
S&P 500 Chart (SPX.X) – February 20, 2009
While the Dow Jones Industrial Average broke through its November low by a full 200 points, the S&P 500 ($SPX.X) has yet to fully test its November 21st intraday low of $741.02. It made it down to $754.25 before 1:30 on Friday, but closed up 15 points from there. To me, the S&P 500 chart…
Rolled MON Covered Calls
I wasn’t planning to roll any of my calls, but that was yesterday’s plan. Monsanto (MON) came back to life since I wrote that plan. It might be short lived considering that MON couldn’t stay above its 10 day moving average after breaking through intraday. It did stay above its 20 day moving average. To…
February Options Expiration
I just ran a check to see how many trades I’ve made recently and saw I’ve only made one, the credit put spread that I should’ve done a debit put spread instead. I have until March on it, so it could work out. I’m actually tempted to sell the long put already. That’s it for all of February, one…
Gold (GLD) Chart – February 13, 2008
Instead of charting a regular stock index today like I typically do each weekend, I’m charting a gold ETF, GLD. GLD attempts to reflect the performance of the price of gold bullion. Gold tends to move in a somewhat inverse relationship with the major indices and just as charts of the DJIA and SPX show they…
Adding Cash to Account
In July 2008 I made what I said was going to be my last deposit into my taxable trading account until I broke $100,000. That week I made an intraday high around $99,300 and then my fall from glory started. I could have added a little more after that, but my account was falling so fast…
NDAQ – Credit Vertical Put Spread
I was reviewing some old orders this weekend that hadn’t hit yet and came back to NDAQ which was one of 2009 Stock Picks. It has made a good run up from its November lows, but appeared to be hitting resistance at Friday’s close. Support appears to be around $20 and rising with a triangle…