I haven’t traded since last week, but have seen a huge increase in my account value since the month started. I still have $7,263.07 on margin, but my account value is up to $52,158 from the lows I hit in November in the low $30k range. A lot of that is in thanks to the run DRYS has had since I ownn 600 shares and also bought six calls on it’s low a few weeks ago. Luckily I didn’t sell calls on DRYS, MON, CHK and FCX since they’ve seen a huge run recently. I’m watching closely and might buy some puts soon to protect from the downside, but leave the upside potential in place. I don’t have any orders in yet, but I’m thinking about it. I’m also thinking of selling some naked puts on NDAQ or NYX after a strong bearish article in Barron’s this week.
Amazing — DRYS up 200% in 8 days! There is some huge fast money being made out there for some brave gamblers.
I had sold 3 naked puts on NDAQ at 17.5 for Nov. I was assigned as the stock was just below that. I was able to sell calls for Dec at a 25 strike for $1.7 a few days ago. Its turning into a good trade.
I’ve also been selling POT puts at 50 which has been good. There is a lot of support for the stock around that level.
@ Mule – DRYS is starting to give some back now, but I think it’s just a breather on the longer way up, at least that’s what I hope. The Baltic Dry Index is still going up, so DRYS should hit support at higher levels this time around.
@ Mark – Nice move on NDAQ. Today has been a nice tug lower, so maybe I’ll get in tomorrow if it goes much lower.