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Butterfly Collection Review

By phil
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ELN blew all our profits!

It’s worse now as they just got more bad news on Tysabri as two more patients got PML in a study and that was the fear that originally killed the drug and knocked the stock all the way down to $3 and change a couple of years ago.  So total disaster on those now and we’ll probably make a killing plaing it in the DTP but not in this portflolio, where we’re just screwed.  Coming down from $35, I’m not sure a full butterfly would have fared much better and I’ll give some thought to taking long puts in the morrning to begin a leg where we can sell puts but if we can get out with $3K ($1.50 per share), I think we should just walk away from this one.

AAPL is fine and BIDU is high but either they are wrong or GOOG is wrong so we’ll see.  FSLR flwe down into the close, back at $284 and on track after all that.   We’re still up 75% on the puts and they are still a rip-off to buy out.  MA we did buy out the caller of and now we’ll wait, hard to say they didn’t bounce when the whole market tanked:

 

Description Type Cost Basis Opened Sale Price Closed Days Gain/Loss $ %
AAPL
4 Aug 2008 160.00 AAPL CALL (APVHL) SC $ 1,960.00 7/24/2008 $ 2,590.00   7
$ 630.00 24.3 %
4 Aug 2008 165.00 AAPL CALL (APVHM) SC $ 1,810.00 7/23/2008 $ 2,830.00 7/24/2008 1
$ 1,020.00 36.0 %
6 Oct 2008 160.00 AAPL CALL (APVJL) LC $ 9,700.00 7/21/2008 $ 7,200.00   10
$ -2,500.00 -25.8 %
4 Aug 2008 165.00 AAPL CALL (APVHM) SC $ 810.00 7/21/2008 $ 3,890.00 7/22/2008 1
$ 3,080.00 79.2 %
4 Aug 2008 165.00 AAPL PUT (APVTM) SP $ 3,500.00 7/21/2008 $ 4,390.00   10
$ 890.00 20.3 %
4 Oct 2008 160.00 AAPL PUT (APVVL) LP $ 5,010.00 7/21/2008 $ 4,920.00   10
$ -90.00 -1.8 %
Total Gain/Loss for AAPL
$ 3,030.00 13.3 %
BIDU
2 Aug 2008 330.00 BIDU PUT (BDUTE) SP $ 1,420.00 7/25/2008 $ 3,190.00   6
$ 1,770.00 55.5 %
2 Dec 2008 300.00 BIDU CALL (BDULZ) LC $ 10,172.00 7/23/2008 $ 15,360.00   8
$ 5,188.00 51.0 %
2 Aug 2008 330.00 BIDU CALL (BDUHE) SC $ 4,920.00 7/23/2008 $ 218.00   8
$ -4,702.00 -2,156.9 %
2 Aug 2008 290.00 BIDU PUT (BDUTY) SP $ 750.00 7/23/2008 $ 4,274.00 7/24/2008 1
$ 3,524.00 82.5 %
2 Dec 2008 300.00 BIDU PUT (BDUXZ) LP $ 9,790.00 7/23/2008 $ 5,380.00   8
$ -4,410.00 -45.0 %
Total Gain/Loss for BIDU
$ 1,370.00 5.1 %
ELN
20 Oct 2008 20.00 ELN CALL (ELNJD) LC $ 7,010.00 7/30/2008 $ 4,200.00   1
$ -2,810.00 -40.1 %
Total Gain/Loss for ELN
$ -2,810.00 -40.1 %
FSLR
5 Sep 2008 270.00 FSLR CALL (HJQIZ) LC $ 13,160.00 7/24/2008 $ 16,100.00   7
$ 2,940.00 22.3 %
5 Aug 2008 260.00 FSLR CALL (HJQHY) SC $ 15,000.00 7/24/2008 $ 11,640.00   7
$ -3,360.00 -28.9 %
5 Aug 2008 260.00 FSLR PUT (HJQTY) SP $ 2,250.00 7/24/2008 $ 9,240.00   7
$ 6,990.00 75.6 %
5 Sep 2008 260.00 FSLR PUT (HJQUY) LP $ 13,260.00 7/24/2008 $ 6,600.00   7
$ -6,660.00 -50.2 %
Total Gain/Loss for FSLR
$ -90.00 -0.2 %
MA
5 Oct 2008 270.00 MA CALL (MALJX) LC $ 11,160.00 7/25/2008 $ 5,850.00   6
$ -5,310.00 -47.6 %
5 Aug 2008 270.00 MA CALL (MALHX) SC $ 2,010.00 7/25/2008 $ 6,490.00 7/31/2008 6
$ 4,480.00 69.0 %
5 Aug 2008 270.00 MA PUT (MALTX) SP $ 15,700.00 7/25/2008 $ 10,365.00   6
$ -5,335.00 -51.5 %
5 Oct 2008 260.00 MA PUT (MALVW) LP $ 12,360.00 7/25/2008 $ 16,300.00   6
$ 3,940.00 31.9 %
Total Gain/Loss for MA
$ -2,225.00 -5.4 %
Total Gain/Loss
$ -725.00 -0.5 %
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Note: The material presented in this commentary is provided for informational purposes only and is based upon information that is considered to be reliable. However, neither PSW Investments, LLC d/b/a PhilStockWorld (PSW) nor its affiliates warrant its completeness, accuracy or adequacy and it should not be relied upon as such. Neither PSW nor its affiliates are responsible for any errors or omissions or for results obtained from the use of this information. Past performance, including the tracking of virtual trades and portfolios for educational purposes, is not necessarily indicative of future results. Neither Phil, Optrader, or anyone related to PSW is a registered financial adviser and they may hold positions in the stocks mentioned, which may change at any time without notice. Do not buy or sell based on anything that is written here, the risk of loss in trading is great.

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