Still trying to finish this post! I’m just editing Wednesday’s now and I’ll make notes if anything changed since then but this is my virtual portfolio as of 6 am on the 27th.:
- AAPL Jan ’09 $140s basis $18.20, now $28.50
- I had so many Apple positions in various virtual portfolios I lost track but this one is still naked (although I was in and out of Apple calls I sold last week). I still think it’s ridiculous not to sell a 5% premium on the $135s at $5.65 – if nothing else, to protect my 56% gain on this position so I will sell it on the way down, perhaps if we make a real break below $135 with the Nasdaq confirming the direction.
- This does fall into the category of calls you want to watch, which is why I kept the sale in my Complex Spreads virtual portfolio as I monitor that more actively than the LTP.
- I had so many Apple positions in various virtual portfolios I lost track but this one is still naked (although I was in and out of Apple calls I sold last week). I still think it’s ridiculous not to sell a 5% premium on the $135s at $5.65 – if nothing else, to protect my 56% gain on this position so I will sell it on the way down, perhaps if we make a real break below $135 with the Nasdaq confirming the direction.
- BA Jan $100s basis .05, now $6.30
- Sold Sept $100s for $2.25, now $1.85
- BMY Jan ’10 $30s, basis $2.90, now $3.30
- Sold Sept $30s for .65, now .75
- Working well so far, I’m up .25 more than the caller!
- Sold Sept $30s for .65, now .75
- BSX Jan $17.50s, basis $1, now .20
- I have had a change of heart about these guys. Last week Windy posted a World Clock and I noticed heart failure was the #1 cause of death by a mile and that’s BSX’s primary business. Problems or no problems, an aging population and a $19Bn company that sells to every hospital on the planet is not going to disappear. Since they are also unlikely to do very well, I’ve decided to go with the Jan ’09 $15s at $2.10 and sell the Sept $12.50s for .60 against those and half of the Jan $17.50s. If we get lucky, they’ll stay down and we begin to recover this loss but paying for the leaps looks like an XXX as a new play!
- Selling 1/2 Sept $12.50s at .60.
- I have had a change of heart about these guys. Last week Windy posted a World Clock and I noticed heart failure was the #1 cause of death by a mile and that’s BSX’s primary business. Problems or no problems, an aging population and a $19Bn company that sells to every hospital on the planet is not going to disappear. Since they are also unlikely to do very well, I’ve decided to go with the Jan ’09 $15s at $2.10 and sell the Sept $12.50s for .60 against those and half of the Jan $17.50s. If we get lucky, they’ll stay down and we begin to recover this loss but paying for the leaps looks like an XXX as a new play!
- C Jan ’09 $55s, basis $1.60, now $3.00
- Selling $47.50s for $2.10, stop at $2.50
- CAT Jan ‘10 $90s, basis $11.75, now $10.00
- Too much recession talk! Selling $75s for $3
- CC 40 Jan $22.50s basis $1.10, now .05 and 40 Jan $17.50s basis .70, now .10
- Selling $12.50s for .25. THIS IS RISKY!
- CHK Jan $37.50s, basis $1.35, now .90
- Sold $32.50s for .65, now .75.
- COF Jan $75s, basis $4.60, now $2.60
- Sold $65s for $3.70, now $3.50
- Running out of time for a comeback! May sell $60s as mo play (they have little premium) if the market turns back down.
- This little money machine is having growing pains from the NFB acquisition and the usual sub-prime concerns but they have $4.5Bn in cash and $124Bn in Long-Term investments against just $85Bn in Current Liablities for an NTA of $10.3Bn and a forward p.e of 9 vs. C, who has an NTA of $70Bn and a forward p/e of 10.5. With C having a cap of $260Bn and COF having a cap of $31Bn I’d say COF is undervalued by at least 10%, maybe 20% ignoring growth.
- Add to that the fact that all banks, including C are down about 10% for the year with the dollar down 12% against the Euro and COF should make a nice takeover target for a European or Asian bank.
- Conclusion: When the sector starts recovering I want to take the ‘09 $70s, now $11.60 as a pre-roll on 1/2 and then get a little more agressive with the front-month sales.
- Sold $65s for $3.70, now $3.50
- GDX Jan ‘09 $43s, basis $3.30, now $4.60
- I hate it when this happens, it took off so fast I never filled my order so I just have 5 contracts (I know, wah wah…).
- Just waiting and seeing here.
- GE Jan $37.50s, basis $1.20 (avg), now $3.55
- Sold $37.50s agains 1/2 for $2, now $2.35
- GM Jan ‘08 $35 puts
- Gone.
- INTC Jan $25s, basis $1.96, now $1.55
- Gone
- ISE Jan $45s, basis $6.10, now $19.30
- If somebody will actually give me $3.25 for the Oct $65s I’ll take it, otherwise I’m selling.
- JNJ Jan ‘09 $65s, basis $3.85, now $5.00
- Not worth selling at this level as the $60s don’t have enough premium and the $65s are just .08 so have to wait. Possibly selling $60s, now $2.40 if rejected at $62.50 again or if breaking below $61.50.
- M Jan $37.50s, basis $2.90, now $1.10
- Sold Sept $30s for $2.30, now $2.55
- I just can’t get a break on this one!
- MCO Jan ’09 $50s, basis $8.60, now $8.30
- Sold $45s for $4.50, now $3.40
- MOT Jan ’09 $17.50, basis $1.25, now $2.25
- I’m souring on these guys a bit – they really are losing their edge in the market
- MRVL Jan ’09 $25s, basis .35, now .75
- May as well wait this one out a bit
- MTU Jan $12.50s, basis .72, now .20
- Hopeless, may sell $10s to scalp dimes nearer to expiration
I’m behind so I’m skipping ones that are already covered (see spreadsheet), will get back to this later!
- SBUX Jan ’09 $25s, basis ($4.60 avg), now $6
- Sold 40/50 $27.50s at .75, now .75
- SBUX Jan ’09 $30s, basis $3.40, now $3.40
- additional buffer to $27.50s that were sold
- SCI Jan $7.50s, basis $2.15, now $4.60
- Getting out soon, just glad they recovered!
- SNDK Jan ’10 $60s, basis $1.10, now $14.10
- Selling $55s at $2
- Wish I had bought more!
- TXN Jan ’09 $35s, basis .85, now $5.40
- If they don’t break $35, selling the $35s for $1
