Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

$112,291 Virtual Portfolio Update, Week 16

Next week will be the last week for our very profitable virtual portfolio, that started with $100,000 on April 10th.

This virtual portfolio has already made 19% in 16 weeks and many members wanted to start a new one from scratch.  So, by popular demand, we will be restarting a brand new virtual portfolio the week after options expiration, also with $100,000 and also a hedged virtual portfolio but this time with the goal of drawing a monthly income.  I got this idea when I went down to Florida last week and spoke to many people who asked me about their investing accounts.  Many of these "safe" accounts had been cut in half or worse and the returns they were producing were coming in at 5% year – if that and people were counting on this money for their monthly expenses.  I spoke to many people with $1M in the bank who were living off $50,000 a year in interest and dividends!

Using options and good hedging strategies, we have been able to produce a return in our virtual portfolio of 19% in just 16 weeks (12% cash, 7% unrealized).  I'm not advocating someone take a whole $1M and shift it to stocks and options but, if you can make 20% on $200,000 while your other $800,000 makes a "safe" 5%, your annual income goes from $50,000 to $80,000 – that's a lot of early-bird specials!  I will, of course, be happy to answer any adjustment questions on this virtual portfolio anytime during chat but we will no longer be tracking it weekly or making new plays.  The goals of the new virtual portfolio will be similar and the new trade ideas can be applied whether you are looking to draw an income or just start building long-term set of holdings for reinvestment.

In the last $112,007 Virtual Portfolio Update, from July 28th, we remained bullish and it really paid off with another $2,117 in unrealized gains ($6,690 not included in above total) as we made a very well-timed bottom call the week before and ran with it.  We have haven't had to call an "audible" in two weeks, sticking to our plan as the market held up nicely.     

The first few weeks after you sell options are usually the worst and the rising VIX had boosted the premiums of the puts and calls we sold but none of that matters because we played a little more aggressive to the upside and, despite losing $3,080 on our covers, we are still way ahead of goals.  As usual, we are able to demonstrate the joy of doing very little!  It's important to get used to the ebb and flow of the premiums over time and not worry about well-hedged positions.  We only add the profits as we close positions from our April 10th start with our virtual $100,000.  We are not including profits in the header from the positions still working because: IT ISN'T REALLY A PROFIT UNTIL YOU CASH IT OUT… 

The primary goal of this virtual portfolio is to be conservatively hedged.  The secondary goal of this virtual portfolio is not to mess around with it.  These are meant to be nice safe(ish) positions that do not require you to sit glued to a monitor all day.  If you are new to this section, please read the May 25th  update as there was much wisdom in there.  We have a few minor adjustments to make this week (see red comments) but there were none last week so not too fussy with this lot.  Keep in mind this is a virtual portfolio and doesn't have to be followed exactly.  The main idea is to teach proper hedging techniques and demonstrate that you can make a nice return without putting yourself at constant, daily risk.  It should be noted that our new moves (in red) can be treated as new entries by someone starting from scratch and, as always, feel free to check with me in chat if you are not sure.

As usual, we are still looking to confirm our breakout levels before buying more as we move back to the top of what has been a very reliable range.  We are well-covered to the downside and are covering more in our new moves as it pays to play conservative until the bull market really proves itself by taking us to new highs AND HOLDING THEM.  As I say every week, it's a good thing to do is open the older post in another window and see how the changes we made affected the virtual portfolio. 

Our open positions are:

  • 400 GE at $11.84, Aug $11 puts and calls sold for $1.85, net $9.99/10.50 

    • GE now $14.70 and the Aug $11s are $3.75, net $10.95 ($384 gain on $3,996 = 9.6%). 
  • 300 PGF at $12.80, selling Sept $12 calls for $1.95 and June $13 puts for .65, net $10.20/11.60

    • PGF is now $16.43 and the Sept $12s are $4.40 and the Sept $13 puts are .10 for net $11.93 ($519 profit on $3,840 = 13.5%) 
  • 10 DBC 2011 $15 calls for net $6.35 and 10 Jan $18 calls at $5.90, selling 20 Aug $21s for adjusted .95 net $5.18 (avg)

    • The 2011 $15s are $8.70 and the Jan $18s are $5.35 and Aug $21s are $2.25 for net $4.90 ($280 loss on $10,350 = 2.7%). 
  • 12 UNG Jan $9 calls for $4.91, sold 8 Aug $14s for .85, net $4.34

    • Jan $9s now $4.60, Aug $14s now .35, net $4.33 ($10 loss on $5,208 = 0.2%).
  • 500 UYG at $3.61, selling 5 Aug $4 puts and calls for .70, net $2.91/3.46

    • UYG now $5.55, Aug $4s now $1.60 = net $3.95 ($520 profit on $1,455 = 36%).    

That was our original group.  Now up $1,133 (4.5%) on $24,849 at work for July.  Remember, we are looking for CONSERVATIVE opportunities that balance us out.  The next group is from our post "Stress Free Investing In Stress-Tested Banks," where we added the following plays:

  • 200 STI for $18.50,selling Aug $15 puts and calls for calls for $2.75 net $15.75/15.38.

    • STI now $21.75,  Aug $15s now $6.80 nets $14.95 ($160 loss on $3,150 = 5%) 
  • 300 KEY at $6.20, selling Aug $5 calls for .60 and 3 Aug $5 puts for .50 nets $5.10/5.05.

    • Key now at $6.78, Aug $5s at $1.85 net $4.93 ($51 loss on $1,530 = 3.3%) 
  • 100 USB at $17.50, selling Aug $18 calls at $1.10 nets $16.40/15.70

    • USB now $23.25, Aug $18 calls are $5.20 $18.05 ($165 gain on $1,540 = 10.7%)

      • Aug $16 puts bought back for .05, $105 trans to cash
  • 1,000 C at $3.35, selling 10 Aug $3 puts for .70 nets $2.65/2.87

    • C now $3.85, Aug $3 puts at .04 nets $2.73 ($1,160 profit on $2,650 = 43.8%)

      • Selling Sept $3 calls for $1 

We are now showing a gain of $1,114 (12.5%) on $8,870 (of course profits were transferred to cash).  I prefer to let the positions look bad as it keeps us mindful of our targets.     

That brings us to our newest group, the Dividend Plays!  These were from the Memorial Day weekend articles that started here.  If you haven't read this series, please do as we will be going back to that original group of 21 dividend-paying stocks.  I have decided to add dividends to cash otherwise we'll never know how we're doing.  Just don't expect it to happen on the right day!  Keep in mind these are long time-frame plays and will be pretty dull overall.

  • 500 LYG at $4.25 (adjusted), selling 5 Jan $5 puts for $1.48 nets $2.77/3.89

    • LYG now $7.12, Jan $5 puts at .20, net $6.92 ($2,075 gain on $1,385 = 149.8%)

      • Jan puts should be bought back for .20, Jan $7.50 calls sold for $1
  • 200 TNK at $11.09, selling 2 Nov $10 puts and calls for $3.90 for net $7.19/8.60

    • TNK now $9.62, Nov $10s are $2.20, net $7.42 ($46 gain on $1,438 = 3.1%)
  • 800 PGH at $7.50 (average), selling 4 Jan $7.50 puts and calls for $2.82, nets $6.09/6.40

    • PGH now $8.38, 1/2 Jan $7.50 combo is $2, net $7.38 ($1,032 profit on $4,872 = 21.2%)

      • $74.40 dividend paid 7/29 – transferred to cash.
  • 100 KMP at $47.55 and the Jan $57.50 put for $12.35.  Selling Jan $37.50 put for .95 and 2011 $55 call for $1.20, net $57.75 (put is covered so no buy obligation)

    • KMP now $52.77 and Jan $57.50 puts are $6.80.  Jan $37.50 puts are .20 and 2011 $55 calls are $2.60 for net $56.77 ($98 loss on $5,750 = 1.7%)

      • $105 dividend paid 7/29 – transferred to cash.  This one was not meant to make money other than the dividend.  Notice how perfectly balanced it is.  This position is a great example of how you can lock a stock down completely.  
  • 200 CAT for $34.31, 2011 $35s sold for $12, net $22.31 

    • CAT now $47.78, 2011 $35s now $14.38, net $33.40 (up $2,218 on $4,462 = 49.7%) 

We have a $5,273 gain on $17,907 (29%) over 10 weeks, not including divdidends collected.  There's not much to be done with the dividend payers, they will go up and down but we sold long positions against them and there's no sense messing around with them.  That brings us to our two cover plays and new play:

  • 40 FXP Sept $10 puts sold short at .38

    • FXP puts now $1.15 (down $3,080 on $1,500 = 205%)

      • Damn, these suck!  It's really fine as they are all premium (FXP is $9.76) but they LOOK terrible.  SKF vertical of 7/24 was weekend protection and we got out even. 
  • 5000 TASR at $5.11, selling Aug $5 puts and calls for .83, net $4.28/4.64

    • TASR at $5.18, Aug $5s are .45 net $4.73 (up $2,250 on $21,400 = 10.5%)

Our new plays have lost us $830 (4.1%) on $19,900 so far but that's what covers do in the case of the FXP.  Don't forget this is a conservatively hedged virtual portfolio so something would be very wrong if we made $7,520 on the first 3 groups and lost nothing on the covers!  Only time can demonstrate the wisdom of short put covers in a bull market but we will roll and roll and roll as long as China wants to keep going higher. 

Our net unrealized gain is then $6,690 so our net gain on the virtual portfolio to date is $18,981 on $71,526 at work (26.5%), that's 26.5% in 15 weeks or 19% of the original $100K - pretty good since our goal for the year was to make 20%!  A lot of managing this kind of virtual portfolio is learning to accept negative moves and trusting that, over time, the premiums will come to you.   We've certainly seen that in our first three months!  

We are still only making weekly adjustments and we barely make any of those.  There is still $40,765 of unused capital, plenty of dry powder still on the side and that is one of the most important lessons of this virtual portfolio – it took us 3 months to finally cross the 50% zone in positions to cash – you don't need to jump "all in" right away and, in fact, it's counterproductive.  We are achieving our directive of: No heart attacks, no scrambling, lots of good sleep.  You do not have to take a lot of risks to make a nice return.  As our old friend Charles Dow likes to say

"The man who begins to speculate in stocks with the intention of making a fortune usually goes broke, whereas the man who trades with a view of getting good interest on his money sometimes gets rich."


Tags: , , , , , , , , , , , , , , ,

Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!

Comments (reverse order)

    You must be logged in to make a comment.
    You can sign up for a membership or log in

    Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

    Click here to see some testimonials from our members!

  1. Hi, Phil: This is great!
    I didn’t get in TNK and PGH.  Do you still think they are good for a buy/write?

  2. TNK/PGH/Cwan – Yes I do, they are both sure to be part of the next portfolio too.

  3. Phil and the Comapny,
    I joined as a trial member and have been following your alerts often. I did some paper trading from your recommandations and did realized some gain from those tradings. I’m still trying to understand the jargons and the figures. I have th following questions and hope you would help answering them.
    1) The numbers: In the example below, I’ m not sure how you got the 10.50 number (in bold).
    400 GE at $11.84, Aug $11 puts and calls sold for $1.85, net $9.99/10.50 

    GE now $14.70 and the Aug $11s are $3.75, net $10.95 ($384 gain on $3,996 = 9.6%). 

    2) The Alerts: I know you did them on the fly and things are moving very fast so communications are scripted. Advanced readers may understand them pefectly but for beginners like me, I have problems understanding them at times. This is in reference recommandations to call or put tradings. Sometimes the word BUY or SELL is missing on the recommandations so I’m not sure you recommended to buy or sell the option. Would you please keep this in mind when you send out recommandations?
    I really enjoy reading your mails. My hope is to become more comfortable with your service then join as a paying member.
    Thank you for listening.
    Loi Nguyen. 

  4. GE/Lvn – There is an article called "How to buy a stock for a 15-20% discount" that outlines this strategy, you can google it.  That explains the buy/write strategy in detail and this play is an example of that.  You buy GE for $11.84 and sell the $11 puts and calls for $1.85 so your net outlay is $9.99.  If GE is later put to you at $11, you will be forced to buy more shares at $11.  $11 + $9.99 averages to $10.50 – that second number is your downside risk or your average entry price on the shares if the stock fails your put target. 

    In the second part, we simply take the $14.70 (our value on the stock we hold) and then subtract our obligations (what it would cost us to buy back the putter and caller right now).  We then compare that to what we laid out (the 2nd number is not relevant as nothing was put to us) and that’s our profit.

    As to the Alerts – You can always pop into member chat and ask if something is unclear when you are a paying member.  I will try but we have many fairly standard ways of calling trades and it’s a good idea if you take the time to learn them (see New Members Guide, Strategy Section, K1 Project, etc…)

  5. Yo, Big Daddy. My battery was dying too quickly at Legg Mason Tennis Classic yesterday to do much other than work emails and ETrade. Looks like I missed some good chat. Oh well. Two things: (1) new folio sounds great, (2) the only down side of learning to cash when I hit a reasonable profit mark is that only the reds remain in my folios when I pop ‘em open. Surely I’ll get them to green, but its unpleasant. In this regard, I don’t expect you to either rehash moves or do remedial tutoring for moi, but I wouldn’t mind sharing some positions and soliciting some guidance on how to protect or improve. I’m not fully versed in rolls yet, maybe you could either point me to general tactics for rolling weak or lost options (esp puts) up – how to calculate, etc. Or whatever. I’m happy to search for previous posts re same – if a particular search string will get me there faster, much appreciated. Will throw u my pos questions in 3-4 sep and brief comments. Thx.

  6. Sure Dstill – you know I live for this stuff!  8-)

  7. Live?  I don’t know.  Die for it?  Probably.  Get paid a bit?  Maybe.   Did you see the "40-Year Old Virgin"?  Finally watched it last nite with my better half (not counting assets and income, of course).   Funny scene when Keener’s daughter and her boyfriend walk in on our boy with a couple dozen condom wrappers on the bed.  Daughters freaks.   Boyfriend stares at bed, then Carell, looks up at him and just says: "Teach me."  Work-based income flows easily for me.  You, however, have taken on the unenviable task (by allowing my membership) of learnin’ me some good tradin’, Pappy.   This joint is a blast, man.  Wish I could track chat all day.

  8. DHI.  Overall context, so you don’t think I’m being reckless in general, is that some of these are very small plays in a $250K "trading portfolio" – soooo.  DHI – I think – was a David short.  I didn’t set a stop and let it run.   Did puts rather than stock.  Currently, 2/3 of the DHI position is Sept 14 puts at $1.90 and the rest August 12.50 puts at $1.40.   I don’t have any long term interest in DHI – just looking to play it out to even or better at some point – or whittle down the loss.

  9. SDS.  Fricking SDS.   Fricking ultra ETFs.  Ugh.   Got my dollar cost average on underlying shares "down to" $47.62 (not counting call premiums) – been willing to buy more just to get it down, look for even a modest correction and get out.  I’ve written calls a couple times to reduce my cost – currently sitting on (1/2 # of underlying shares) Aug 50 calls at $1.05.   I just want an opp to get out at some point – i have little or no long term interests in playing the short ETFs at this point. 
    Got a bunch of others (HMY, ERY, YUM – as u know – SO, EPD, and on and on) but actually have a good handle on my plan for each or better understand the underlying stock and related option plays.  Thx in advance.

  10. Option Calculators.  ET and others have a number of options tools.   I’m just learning to play with a basic options calculator.  What are the primary benefits here, PD?  Am I taking the calculator results and comparing, for example, listed option prices to look for under- or over-priced opportunities?

  11. Dstill List:

    DHI – What a joke!   They miss by 100% and the stock goes up 30%.  The Aug puts are toast but you may as well sell Aug $14 puts for .90 as it’s a lot more than you’d get from your Aug $12.50 puts and you can roll those to Sept $13 puts.  That would put you in a butterfly of sorts with 1 x Sept $14s (which you should probably use the sale money to buy 1/2 X  more of) and 1x the Aug $12.50 puts against 1x the Aug $14 puts sold.  You have a nice 1.00 to .60 delta advantage and an extra month on the puts you care about.   If the stock goes up and the $14 callers get trashed, you can simply sell the Sept $15 puts, now $2 and roll to the Nov $16 puts, now +$2 and, if DHI doesn’t sell off by then – at least your longs should be in very good shape.

    SDS – Speaking of longs, these are clearly the wrong kind!  First of all, you can always stop 100% of the bleeding on SDS by buying SSO.  It’s an almost perfect way of "freezing" the posiition until you get some clarity.  Water under the bridge now but good to keep in mind for next time.  So you are in for $47.62 and it’s at $45.05 – good job actually as it’s been a bitch of a ride…  Aug $50s don’t look likely to give you trouble and that was a pretty wimpy sell for a guy trying to get even when you could have gotten $3 for the $47s and they’re down to $1 now.  When you are behind in a position, stop trying to win and try to get even! 

    I don’t agree having "no interest" in the short ETFs.  Make sure you do have some balance to the portfolio.  Note above we made an unrealized $6,000 and lost an unrealized $3,000.  That’s how it’s SUPPOSED to work.  If you are all winning or all losing, you are NOT playing it safe and you risk getting killed if the market reverses.  Anyway, $2.57 behind on an ETF where you can sell the Sept $46s for $2.50 and the Sept $42 puts for $1.20 isn’t really that bad is it?  That would drop your basis to $43.92/42.96 so it would be like doubling down again at $38.30, almost 20% more down from here.  Any ETF with $1 brackets to roll to each month is all right by me.

    HMY I’d hold long-term, they are a good miner and gold will be well over $1,000 if this economy keeps going and probably if it doesn’t too as oil would then be useless do to falling demand and copper a poor bet so there won’t be too many places to stash inflation-concerned dollars as we roll out stimulus II and III.   ERY is another bearish economy bet so I do hope you have some long positions somewhere but $18.22 is damned attractive for that one. 

  12. Calculators/Dstill – I don’t use them, I do all this stuff in my head so I’m not one to ask.   I use the one on options express because it lays out a trade nicely but then it turns out to be inaccurate anyway so what’s the point?  I am not an options technician – I’m a fundamental analyst who uses options for leverage so I don’t scan for under-priced contracts.  I find companies first and then, if I think the options work to our advantage, THEN I’ll make an option play but I never understand people who select stocks with "screeners" as if the fact that something has a theta 5% below normal means you should buy it regardless of what stock it is…    Of course there is a statistical validity to it but it is very unlikely that you can possibly trade enough contracts to have a statistically normal curve. 

    Read John Mauldin’s article on the main page this weekend, where he talks about the fallacy of the efficient market hypothesis – something I say all the time but no one takes me seriously.  He makes a good point, it’s like arguing religion in the 14th century – you may be right but they’ll still burn you at the stake!  

  13. Thx, PD.   Great stuff.  I def have longs or in-out long plays.  Re SDS, I did buy SSO last week and got out with a good 2-day gain – I suppose I can just stay in it to offset SDS – or can I just chip away with small cashes along the way until I can get out of SDS without a big loss?  Re ERY and other bearish plays:  I NEVER had a bear play until I met the f*****s around here! (lol) 
    Re tools and tools who use tools.   I’m not really going to do deep screening when it comes right down to it.  Maybe what I’m looking for – without asking you to open your black box necessarily – is something that helps choose the right options (spread, strike price, etc.) once I’ve chosen a stock.   I overstated my option trading desires, I guess.   For 15 years, my routine is to pick up insight on a stock here or there (many sources), track it (watch list or sim) and then buy it – and keep buying to avg down my price.  (Until I went wild with GNK dividend envy last year, I’d never bought something I didnt know or use)  I discovered options only 6 months ago and have mainly done buy-writes (love them), income call writes and DITMs with nice delta opps.  When you reco’d moving from straight SO long stock to option play, eg, I became curious how you or anyone so effortlessly (apparent only) settles on appropriate dates, $, etc.

  14. ERY.  Oh.   My basis on ERY is $18.91.  I can get green on this one.   And, truth be told, I kinda like ERY and ERX on some days.  Just need to learn to play them faster.

  15. Phil, maybe this is the time to ask a question that’s been nagging at me. How do you decide how far out to go with your puts and calls? Obviously, most front month options won’t pay to sell, but every time I’ve studied it in the past it seemed that selling an option every month is better than selling one 4 months or 5 months out, assuming commissions arent an issue.
    Is there some formula you rely on, or is it just "oh, this looks about right" (once you have picked the stock and decided the obective

  16. Dstill and Barf – The answer to both questions is, in fact, "oh this looks about right."  As I said to RMM this week, it’s a lot like antique shopping with my Grandpa Max, who had been doing it for 40 years and would pretty much walk through the room, find a good chair and be sitting down waiting for his 3 or 4 items while I was still looking for a maker’s mark on the fist thing I saw.  Most of us here are professionals and got good at something at some point in our lives, which is why we have money to invest.  How did we get good at our jobs?  Is there anyone out there who will say "Well, I showed up for work my first day and the guy said "just do this" and I became wealthy and retired"?  Probably not…  Getting good at anything generally takes practice and not just a few months of it either. 

    I have often cited a very extensive Harvard study that said, while some people may be "hopeless" and some may be natural at various things, the amount of time needed to become an "expert" at virutally anything is 10,000 hours, roughly 5 years at 6 hours a day or 10 at 3 hours a day.  The reason for this is that your brain has to allocate what are called "chunks" (units of memory) over time and ONLY through use and repetition of those chunks can you convince your brain to allocate more resources to a task until you get to the 50,000 chunk level that is typical in people who are at the top of their field. 

    So I know it is tempting for Dstill to ask about my "black box" or for Barf to ask for the "formula" but it’s like asking Pete Rose how to hit.  What’s he going to say?  I had a friend who was one of the best baseball player in my county and I asked him how to hit and he said "you have to watch the way the ball is spinning as it leaves the pitcher’s hand.  Then you know what pitch he threw and you can adjust your stance and know when to time your swing."  As you can imagine, not really helpful because all I could every see was a white thing coming at me really fast.  That’s what it’s like in anything until you develop skills – some things you just can’t skip ahead on.

    You can’t sit down in Spanish class and say to the teacher – "So what’s the trick to this thing?"  You can’t give your car mechanic $1,000 and say "Tell me the trick so I can tune it up myself next time" and you can’t watch Gordon Ramsey curse out a few chefs and go open a restaurant.  I wish there were a "trick" to this so I could just run a computer program and go on vacation but my "trick" is to wake up at 4am and watch Bloomberg so I get a feel for Asia’s close and Europe’s open and then I read the WSJ and NYTimes cover to cover and start browsing IBD, Zacks and the various blogs I like while taking notes and coming up with an investing premise for the day, week, month and year which can all be thrown out the window if something major happens that day, in which case we just start again.  That’s the "trick," the rest is just finding combinations of positions that fit within your expected outcomes. 

    As to selecting strikes.  It all depends on what you expect your stock to do during your timeframe, how far into your scale you are (early on you can afford to gamble a little, deeper in you need to cover conservatively) and whether or not the contracts you are selling accomplish your goal.  Oh yes, and how much time you are allocating to a position.  In our buy/writes I generally sell 2 months at a time, especially when the VIX is low, simply because it requires virtually none of my time for 6 of 8 weeks.  If I turn them over once a month, then I go from spending 25% of my month them to 50% and that crowds out time I should be using for other things like identifying new opportunities or day trading. 

    I think a lot of traders don’t really think about managing their time enough and it’s just like anything else you get proficient at, you learn how to allocate your overall resources over time.  A marathon runner, at some point along the way, learns that having a big gulp before the race can be a mistake while loading up on simple carbs is a help.  They also may learn which shoes give them blisters and how much sleep is best and how many miles they should run the week before a big race but, like everything else in the world (and NOT EXCEPT stock and option trading), profiiency comes through practice, practice, practice, trial and error and practice and trial and practice and trial…. 

    That’s the reality of it.

  17. 100 KMP at $47.55 and the Jan $57.50 put for $12.35.  Selling Jan $37.50 put for .95 and 2011 $55 call for $1.20, net $57.75 (put is covered so no buy obligation)
    Phil- this is unclear. Buy 100KMP @47.55. ?Sell? jan?2010? Put. Sell Jan?2010?put for .95 and there is only the Jan2011 $55 call, but buy or sell?
    Look, I can probably figure this out by checking the prices, but to tell the truth, I normally just pass on by when it isn’t completely clear. There’s a lot to check out, so I would appreciate a full description of trades.

  18. KMP/Barf – There is a full description of the trade when it was first set up (go back to the older $100KP files under the portfolio tab). I’m not sure what week it was initiated but I sure can’t go explainging every trade from scratch every time or these would be 40-page posts, right?

  19. lol. fair enough, although a full description would have added i think 8 characters.
    I don’t know where I was when this trade was first posted, but I missed it.
    I’m trying to get out of my rut, spreading the SPX, but it’s been hard :)

  20. Phil, What from the exisitng 100k h Portfolio will follow to the new 100K i ? (income) portfolio?