What do you think about oil right now? Broke below 100 today but do you think it will continue much lower? I think the next powerful leg should get us to $115 but I'm not sure where to get long.
Any upsets for the 12:30 games? I got Temple over Michigan st. Then Xavier and Kansas no problem.
Didnt see that you had written back. Sounds like I did something along the lines of what you recommended.
I wrote a covered call yesterday for April FCX at 105. (I am sitting on FCX that I am in average 95). Today it went down. I bought to close when it went down again today and took the profit. If it comes back up, I will sell to open it again (covered). If it does get to 105, and I do get optioned, well...I am still way in the money by 10% plus the premium. If it just hangs, then I get the premium and it isnt to my sell range anyway.
I also bought to open an APRIL POT call @ 160. This is way oversold but since I am so heavy in my miners, I am cash poor and couldnt put up the 145+ a share. Dont plan on holding this til expiration...just until it goes up.
Also wrote a covered APRIL AUY call @ 19. Again, I take the premium and 19 is my sell range anyway...
Joe, you are going to LOVE options. I am still learning, but I see POTENTIAL!!
Can you please copy and paste this comment onto the blog so that all can read?
The above is my strategy if I get caught with my pants down heavy on miners with a big drop in gold or the market (which I did. :o)
As an example, instead of selling your SA for a loss yesterday, you could have written a covered call with a strike price at your normal sell price. If SA would have gone down further, you could have bought to close and made money. If SA would have gone to your sell price (say 30) you would have pocketed the premium and normal profits. If it would have hung around doing jack (its normal MO) then you would have profited a percent or two when it expired!
Sorry Joe, I am not a sports nut! My wife is the nut! I'm a musician!!
I do watch football, tennis, golf, but only because my wife can recite the names of the players and what they did when...
I do enjoy the poetry of motion when they complete a play to perfection and I appreciate the skill level required.
Basketball is interesting. I've never gotten into it much. Probably because at my 5% white inner city Chicago high school it was all that anyone played. No football, hockey, baseball, no nothing. I guess it was an ethnic thing back in 1969?
Some of the twisting moves are amazing...though I'm not sure they aren't palming the ball occasionally.... Maybe it was when I was in grade school and someone tossed a B-ball and it bounced off my glasses?
Anyway, I still can vicariously enjoy it's exploits as you post about it.
This SHOULD have been done way earlier...when we were near the highs. Hindsight is 20/20 of course...but I am thinking for next time (assuming their is a next time) 1/2 of all my positions will be covered if we are near 52 week highs.
5 comments:
What up Joe,
What do you think about oil right now? Broke below 100 today but do you think it will continue much lower? I think the next powerful leg should get us to $115 but I'm not sure where to get long.
Any upsets for the 12:30 games? I got Temple over Michigan st. Then Xavier and Kansas no problem.
COVERED CALLS.
Sorry to hijack this one.
Goldfinger and M.
Didnt see that you had written back. Sounds like I did something along the lines of what you recommended.
I wrote a covered call yesterday for April FCX at 105. (I am sitting on FCX that I am in average 95). Today it went down. I bought to close when it went down again today and took the profit. If it comes back up, I will sell to open it again (covered). If it does get to 105, and I do get optioned, well...I am still way in the money by 10% plus the premium. If it just hangs, then I get the premium and it isnt to my sell range anyway.
I also bought to open an APRIL POT call @ 160. This is way oversold but since I am so heavy in my miners, I am cash poor and couldnt put up the 145+ a share. Dont plan on holding this til expiration...just until it goes up.
Also wrote a covered APRIL AUY call @ 19. Again, I take the premium and 19 is my sell range anyway...
Joe, you are going to LOVE options. I am still learning, but I see POTENTIAL!!
Can you please copy and paste this comment onto the blog so that all can read?
Add this too if you dont mind Joe.
The above is my strategy if I get caught with my pants down heavy on miners with a big drop in gold or the market (which I did. :o)
As an example, instead of selling your SA for a loss yesterday, you could have written a covered call with a strike price at your normal sell price. If SA would have gone down further, you could have bought to close and made money. If SA would have gone to your sell price (say 30) you would have pocketed the premium and normal profits. If it would have hung around doing jack (its normal MO) then you would have profited a percent or two when it expired!
Thoughts?
Sorry Joe, I am not a sports nut! My wife is the nut! I'm a musician!!
I do watch football, tennis, golf, but only because my wife can recite the names of the players and what they did when...
I do enjoy the poetry of motion when they complete a play to perfection and I appreciate the skill level required.
Basketball is interesting. I've never gotten into it much. Probably because at my 5% white inner city Chicago high school it was all that anyone played. No football, hockey, baseball, no nothing. I guess it was an ethnic thing back in 1969?
Some of the twisting moves are amazing...though I'm not sure they aren't palming the ball occasionally.... Maybe it was when I was in grade school and someone tossed a B-ball and it bounced off my glasses?
Anyway, I still can vicariously enjoy it's exploits as you post about it.
One more thing...
This SHOULD have been done way earlier...when we were near the highs. Hindsight is 20/20 of course...but I am thinking for next time (assuming their is a next time) 1/2 of all my positions will be covered if we are near 52 week highs.
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