Well we did what we could to salvage our gains in the $10KP around noon.
Lucky for us my timing was pretty good as the market was just off its high as we ran for covers. We’re down about $1,300 from Friday, not too terrible for such an awful week but more money than you like to lose when $10,000 was our original bet!
I strongly regret not covering ERTS in this virtual portfolio (we half covered in the $25KP), more so now that WMT gave us some poor retail numbers – I doubt any retailer wil be spared and we’ll be very lucky to hold $45. It’s very dangerous to do a close calendar spread in a small virtual portfolio but let’s take the $1 for the Feb $45s and use it to roll ourselves back to the June $45s with the addition of another $1 ($2 total on the roll). That puts us in position to sell the Febs, now $2.25, if we don’t get some improvement next week.
NDAQ I would like to buy 5 more of, they are down with CME but have none of CME’s issues. Let’s not forget that just last week they posted excellent earnings and jumped from $42 to $46. Another round at $1.80 would be nice to have!
The only other move I would make is possibly taking out the SNDK Feb $27.50s for .50 and IF they fall below $27.50 (I say they hold it) THEN buy 4 more Apr $25s for around $3 and sell 5 $25s for around $1.50.
I’m trying to leave us in a position we can sleep on over the weekend, with these covers, we kind of want a flatline:
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Notes Stop Limits |
Issue Symbol |
Description | Qty | Trans Date |
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BUDCK | Mar 55 CALL [BUD @ $47.20 $0.17] | 5 | 11/30/2007 | (44) | $760.00 | $1.50 | $-1.40 | $0.10 | $-0.05 | $-710.00 | -93.4% | $50.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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DLQBF | Feb 30 CALL [DELL @ $19.07 $-0.05] | 10 | 11/29/2007 | (9) | $1,210.00 | $1.20 | $-1.20 | $0.00 | – | $-1,210.00 | -100.0% | $0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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EZQCI | Mar 45 CALL [ERTS @ $44.41 $-1.00] | 5 | 2/5/2008 | (44) | $1,560.00 | $3.10 | $-0.90 | $2.20 | $-0.60 | $-460.00 | -29.5% | $1,100.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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NQDCV | Mar 42.5 CALL [NDAQ @ $40.16 $-1.87] | 2 | 2/6/2008 | (44) | $568.00 | $2.84 | $-0.99 | $1.85 | $-0.90 | $-198.00 | -34.9% | $370.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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AMQDW | Apr 47.5 CALL [AMGN @ $46.53 $0.22] | 10 | 12/17/2007 | (72) | $4,230.00 | $4.22 | $-1.82 | $2.40 | $0.02 | $-1,830.00 | -43.3% | $2,400.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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AMQBW | Feb 47.5 CALL [AMGN @ $46.53 $0.22] | -10 | 2/6/2008 | (9) | $-740.00 | $0.75 | $-0.20 | $0.55 | $0.05 | $190.00 | 25.7% | $-550.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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NQDCV | Mar 42.5 CALL [NDAQ @ $40.16 $-1.87] | 3 | 2/6/2008 | (44) | $862.00 | $2.84 | $-0.99 | $1.85 | $-0.90 | $-307.00 | -35.6% | $555.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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NQDBV | Feb 42.5 CALL [NDAQ @ $40.16 $-1.87] | -3 | 2/6/2008 | (9) | $-410.00 | $1.40 | $-0.75 | $0.65 | $-0.65 | $215.00 | 52.4% | $-195.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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SWQDE | Apr 25 CALL [SNDK @ $26.11 $-0.97] | 2 | 1/25/2008 | (72) | $692.00 | $3.46 | $-0.26 | $3.20 | $-0.80 | $-52.00 | -7.5% | $640.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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SWQBY | Feb 27.5 CALL [SNDK @ $26.11 $-0.97] | -2 | 2/6/2008 | (9) | $-150.00 | $0.80 | $-0.30 | $0.50 | $-0.45 | $50.00 | 33.3% | $-100.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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SWQDE | Apr 25 CALL [SNDK @ $26.11 $-0.97] | 6 | 1/25/2008 | (72) | $2,086.00 | $3.46 | $-0.26 | $3.20 | $-0.80 | $-166.00 | -8.0% | $1,920.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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SWQBY | Feb 27.5 CALL [SNDK @ $26.11 $-0.97] | -6 | 1/24/2008 | (9) | $-1,190.00 | $2.00 | $-1.50 | $0.50 | $-0.45 | $890.00 | 74.8% | $-300.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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