On Tuesday I made one trade with ACHN, Faded the move higher during it's first move above $11.50. Took out +.34 (profit target was .40) when it build a base around the sub $11.50 area. Good day overall. Still long RIMM covered calls.
Hey John, Happy New Year to you and yours as well !! I keep plugging away. Having more fun then ever before Best Robert
no, I am still long rimm calls. I been writing weeklys up until about 10 or so days ago and I wrote the April 15s. I am currently underwater with RIMM, but not by a whole lot as the covered calls have brought my basis to around $14.50ish The current price is near the carry away dead price so I see little downside risk relative to an upside bounce on good news. Still is starting to look much like COCO did last year. Only with COCO I sold every bounce and bought back most of the drops. I may add some RIMM to bring my basis down further and write calls against it. upon a bounce let it go and if it fades back lower pick some more up. The problem I have with this strategy is Rimm at some point is likely to move up over $20 again and a lot will be left on the table if I am only writing covered calls. I will have to see what the premium levels look like to decide.
I have been running some back of the envelope numbers on nat gas and also studying the situation with supply and demand with oil and it appears oil is headed for a major drop, although not overnight (which I prefer anyway) Next week I am going to spend more time on this but oil is once again in my focus
there goes Pootie Tang again...randomly posting charts out of nowhere that no one really cares about....and in his own rambling dialect