I sold another naked put at the same strike as last week’s trade on FWLT (details here). I was smarter on my original entry point last week and only sold one naked put which allowed me to sell another today while FWLT was down from last week. While FWLT traded at 66.29, I sold one more April 65 naked put (UFBPM) and received $359.25 after commissions.
I was tempted to go farther OTM with this new put, but stuck with the same strike to pull out a bigger gain, assuming it doesn’t break support. Technical support right now is close to 65 and FWLT bounced close to it again today. I like FWLT longer term still and think it’ll rise.
On another note – I added a new widget to the right side of the page in the sidebar from Yahoo! Finance. It shows my top stocks I have a position in. For other bloggers who want to use the same widget, you can click on it at the bottom and it’ll walk you through. It’s simple. The instructions limit you to 10 stocks you can track, but once you have the code you can add in more symbols. I’ll try to keep this updated on a weekly basis at least.
these solar stocks are in the dump stage of pump-and-dump . if not now, they will be as the s&p breaks support at 1310. I’d go with writing uncovered calls. uncovered puts? i don’t get it.
FWLT is not a solar stock.
@1 – Are you thinking of FSLR?
FWLT through the support at 65 on slightly heavy volume. Be careful. It was weak throughout the day even as the S&P fought off the ugly job numbers.
re Support on FWLT – I saw that and was pissed that I sold this extra put two days too early. I have until April on these puts, so I’m riding it out. Fundamentals will pay off for this one at some point, probably.
On the technical side I was banking too heavily on that short trend line that just broke. I really broke my own rule to sell that close to the money in this market. Spilled milk now. Interesting though, the closing price today was 2 cents above the intraday low on Feb 7th which was the the low of Feb. My next hope for support (aside from hoping this dip was a one day deal) is 60. FWLT could retest the Jan intraday low down to 55, but doubt (aka hope) it will. Earnings are over and it’s just macro economic fear pushing it down now.