ZION is about a 2 hour and 45 minute drive from Vegas. If you have not been to Vegas in a while, be sure to check out the 2 latest casinos.... The COSMO and the ENCORE. Both are beautiful and creatively designed inside, but in different ways. As a side note I'll mention that next year 2 ferris wheel type attractions will be open. Both will be taller than Mandalay Bay to give you an idea of their size, and one will be the tallest in the world.
I've been selling naked puts for about 15 years. They are not cash secured. But I calculate the annualized % return on those trades as if they were. I'm willing to be on a "reasonable" amount of potential margin, if all my trades were put to me. I've also done, and still occasionally do bullish credit spreads, vs going naked. But I found I was not using the protection, so i stopped spending money on them. When the occasional deal went below both my strikes, I still prefered to own the stock and sell covered calls, vs closing down the trade. So i went back to being naked. HOWEVER, I do NOT recommend that for most investors. Particularly pure trend and/or technical traders. Those folks tend to buy high and HOPE it goes higher. They also tend to know nothing about the companies fundamentals they are investing in. So it's a good idea for them to always use protection. If you don't know anything about a companies fundamentals, then you have no idea about their ability to bounce back after a missed earnings report, negative news, or when a bad market takes them down. That's why pure trend and technical traders use very tight stops, and are quick to panic sell when things start going bad. I'm willing to go naked because I've done my home work BEFORE I initiate a trade. Hence I'm willing to ride out a drop that I think is either recoverable, or eventually be neutralized via covered calls. I'm usually correct. But not always. Investors who are trend followers and/or pure technical traders, and/or use excessive margin, should never go naked. Not in this volatile market we've been in for the past 5 years.
Sold naked puts on $14 FMCN for August. Credit $0.20 Annualized % return based on 33 days of trading.... 15 - 16% Stock has some near term tech support in the 18.50 - 19 range, which is where it traded today. And then support again in the $15 area. Hence my strike of $14. Stock fundamentals are a bit mixed, but overall financially healthy, with a history of meeting or beating earnings expectations. http://finance.yahoo.com/q/bc?s=FMCN&t=1y&l=on&z=l&q=b&c= .
FB dropping like a stone. My $26, 27, 28, 29 puts were all ZERO bid a couple of trading days ago. I might even end up breaking even on this phony Bag of Poop in spite of some terrible timing on my part. Seems we so often get these reversals on expiry weeks. (manipulation anyone?)