While USO was trading at $56.85 I sold two USO November 51 naked puts (USOWY) at $1.85 each and received 358.50 after commissions. I picked this out of the money strike based on USO’s low recently. I’m expecting that low just above $50.00 to hold as support. It also balances me better for the seven calls I’ve…
I Voted, Have You?
I live and vote in Fulton County, Georgia and got up early to vote this morning. My wife and I took our 4 1/2 year old son to the polls for his second presidential election. It went very smoothly. We got there at 6:30 and waited in line for 30 minutes before they opened. The…
Covered DRYS Naked Calls
I’m slammed at work today (and probably the rest of the week) so this will be short. DRYS beat earnings and the shares which started to run up last week ran further. I already owned 200 shares, but sold four new calls not far enough out of the money. This morning, instead of buying the…
S&P 500 Chart – October 31, 2008
I charted the past three months for the S&P 500 ($SPX.X) today. In the November 3, 2008 Barron’s Kopin Tan mentioned that the peaks were getting lower on each bounce and that 985 and 845 could be the new trading range to follow. Any break to either side could spell the direction to chase for the following…
Month End Summary – October 2008
This was a horrid month for my account, again. I’m down a little more than last month and that means it was a bigger percentage loss for me in October too. I’m sitting on huge paper losses as, just like in September, I had a lot of options expire for a profit and have not sold the underlying…
DRYS – What To Do?
Forbes had an article explaining why DRYS and other dry bulk shipping companies are a bad buy right now. Forbes seems to be under the belief that the economy will never pick up. I had to give DRYS some extra thought throughout the day yesterday. I’m long (own) 200 shares and short (sold) two naked puts and…
Added MON Call, Dumped JOYG Call
MON MON continues to bounce between $70 and $90. This morning it continued its upward swing it’s been on for a very short and steep stint. While MON was trading at $85.86, I sold to open one November 90 covered call (MONKU) at $5.00 and received $489.25 after commissions. This is my second sell trade on…
Sold More DRYS Calls
DryShips Inc (DRYS) has been a very poor investment for me. I got in too early and sold puts through a rookie typo when I tried to buy downside protection a few weeks ago. I corrected that mistake within 10 minutes for a $100 loss, but never went back in to buy new puts. DRYS…
Sold Extra AA Calls
While AA was trading at $9.36 this morning I sold four AA November 12.50 calls (AAKA) at $0.36 and received $131.00 after commissions. My cost is much much higher than this strike, but I’m willing to get out of AA at $12.50 if it happens to rally in the next three weeks before options expiration. …