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 Strategies & Market Trends | Calls and Puts for Income

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To: dealmakr who wrote (5115)5/18/2012 7:53:24 PM
From: Keith J   of 5710
 
Yeah, been a rough few weeks here as well.

KJ

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To: dealmakr who wrote (5115)5/18/2012 7:54:48 PM
From: Robohogs   of 5710
 
Yeah, I was holding in well until this week and the dams just seemed to break forth. Huge amount of giveback of gains from previous months. Every single day. Just massive pressure across almost every single stock. Ugghhh! Oil. Energy. Coal. Tech. BUT NOT Nat Gas and Biotech.

Jon

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To: dealmakr who wrote (5115)5/20/2012 10:57:11 PM
From: Robohogs   of 5710
 
STX looking very interesting with the IV pricing in now - wish I had waited! Stock above some of my entries which are even so under water. This is more of a fundamental play than most of my trading. Bob Marcin, one of the best value investors first highlighted this on Cramer's site in low to mid teens. I missed it and was waiting for comeback when it exploded to mid 20's. I got involved lightly in lower end of mid 20's. There are now 2-3 players in industry only. And while SSDs are coming on strong, their costs are still an order of magnitude higher. With the cloud, HDDs are in high demand, and with only 2-3 guys, pricing and volumes should be more stable. STX trades at 3-4x earnings, signalling the market expects dramatic drops in profits as WDC gets its volumes back. WDC was signalling expected pricing pressure to be upcoming in its earnings call, but hard to see it getting very intense.

Weeklies also interesting here given the high IVs.

Keith can chime in but he has posted elsewhere about this one too.

Jon

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To: Robohogs who wrote (5118)5/21/2012 2:45:29 PM
From: Keith J   of 5710
 
Yes, have successfully traded STX of late. Sold a few June 26 puts on Friday; and a few July 25s today.

Low current PE; large buyback underway; and option bid/ask spreads are real tight.

Have not traded the weeklies, but would be good candidates for BPS as well.

Overall, a much needed recovery day today after the last few weeks.

KJ

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To: Keith J who wrote (5119)5/21/2012 3:43:50 PM
From: Robohogs   of 5710
 
The BPS heading into today looked awesome but despite regaining buying power in my accounts during the day Friday (with sacrifices to the market), daytrading power remained 0. So I did not get the BPS off in STX. I did get delivered 1,000 shares vs. 10 $27 puts though! I covered 30 other puts earlier in day (now wish I hadn't) before STX fell apart on Friday. I did lose however overall on STX as I had some puts written closer to $30 which I took losses on. Bad, bad few weeks.

Jon

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To: Keith J who wrote (5119)5/22/2012 10:02:01 AM
From: Bocor   of 5710
 
Good day to look at selling some puts on STX?

The second-largest position in Einhorn's portfolio at the end of the first quarter was Seagate Technology. As of March 31, 2012, Einhorn had $392 million invested in this stock.

Besides Einhorn, Edward Lampert's ESL Investments also had $100+ million invested in Seagate at the end of last year.

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To: dealmakr who wrote (5114)5/22/2012 10:09:55 AM
From: dealmakr    of 5710
 
Updated Position HBAN 05/22/12

03/04/11 Bot 8000 HBAN 6.53 (52240)
03/04/11 Sold 80 Apr 6 put .12*
03/04/11 Sold 80 Apr 7 call .13*
03/07/11 Bot 2500 HBAN 6.68 (16700)
03/07/11 Sold 25 Jul 6 Put .33*
03/07/11 Sold 25 Jul 7 call .45*
03/08/11 Sold 25 Jul 6 Put .30*
03/09/11 Bot 5000 HBAN 6.77 (33850)
03/14/11 Sold 50 Jul 8 call .16*
03/18/11 Sold 50 Oct 6 Put .48*
03/23/11 Sold 30 May 7 Call .17*
03/28/11 Bot 3000 HBAN 6.67 (20010)
04/21/11 Sold 40 Oct 6 Put .36*
04/21/11 Sold 40 Oct 8 Call .15*
04/21/11 Bot 4000 HBAN 6.57 (26280)
04/28/11 Sold 80 May 7 Call .07*
04/28/11 Sold 25 Oct 7 Put .68*
05/23/11 Sold 50 Oct 7 Call .27*
06/01/11 Sold 60 Jul 7 Call .06*
06/06/11 Bot 2500 HBAN 6.04 (15100) *
06/06/11 Sold 25 Oct 6 Call .50*
06/07/11 Sold 25 Oct 6 Call .60*
06/07/11 Sold 25 Oct 7 Call .21*
06/08/11 Sold 50 Oct 7 Call .21*
06/14/11 Bot 2500 HBAN 6.36 (15900)
06/24/11 Sold 50 Aug 7 Call .06*
07/21/11 Sold 30 Sep 5 put .05*
07/21/11 Sold 100 Sep 5 Call .05*
07/21/11 Sold 50 Oct 5 Put .07*
07/21/11 Sold 50 Jan 5 Put .20*
07/26/11 Bot 2500 HBAN 6.03 (15075) *
07/26/11 Sold 25 Aug 6 Call .18*
07/27/11 Sold 25 Aug 6 Put .20*
08/04/11 Sold 25 Oct 5 put .20*
08/05/11 Sold 40 Aug 5 Put .09*
08/11/11 Sold 10 Aug 5 Put .28*
08/11/11 Sold 40 Sep 4 Put .15*
08/11/11 Sold 10 Sep 5 put .47*
08/11/11 Sold 25 Oct 6 Call .21*
08/19/11 Sold 50 Oct 4 put .26*
08/19/11 Bot 2500 HBAN 4.68 (11700) *
08/26/11 Sold 100 Jan 2.5 put .09*
08/26/11 Sold 50 Jan 7.5 Call .08*
09/20/11 Sold 40 Jan 4 Put .24*
09/20/11 Sold 40 Apr 7 Call .20*
09/20/11 Sold 50 Apr 3 put .15*
09/21/11 Sold 75 Nov 6 Call .08*
09/29/11 Sold 50 Nov 6 Call .07*
09/29/11 Sold 50 Nov 4 Put .14*
10/04/11 Sold 40 Apr 7 Call .21*
10/12/11 Sold 40 Apr 4 put .35*
10/12/11 Sold 20 Apr 7 Call .30*
10/21/11 Sold 75 Nov 5 Call .24*
10/22/11 Bot 7500 HBAN 5 (37500)*
10/22/11 Bot 2500 HBAN 7 (17500)
10/25/11 Sold 50 Dec 6 Call .07*
10/26/11 Sold 50 Dec 6 Call .06*
11/02/11 Sold 25 Dec 5 Put .26*
11/02/11 Sold 50 Jan 6 Call .14*
11/02/11 Sold 40 Apr 4 Put .28*
11/11/11 Sold 25 Dec 5 Put .20*
11/17/11 Sold 75 Jan 6 Call .12*
11/17/11 Sold 25 Apr 6 Call .37*
11/25/11 Sold 25 Apr 6 Call .22*
12/05/11 Sold 40 Jul 4 Put .32
12/09/11 Sold 25 Apr 5 Put .45*
12/09/11 Sold 50 Jul 7 Call .14
12/13/11 Sold 50 Apr 6 Call .17*
12/21/11 Bot 2500 HBAN 5.35 (13375)*
12/21/11 Sold 25 Jul 5 Put .55
12/22/11 Sold 50 Jul 7 Call .18
01/04/12 Sold 25 Apr 5 Put .21*
01/06/12 Sold 25 Jul 7 Call .23
01/17/12 Sold 50 Jul 7 Call .24
01/23/12 Sold 25 Jul 6 Put .62
01/26/12 Sold 50 Jul 6 Put .80
01/26/12 Sold 25 Jul 6 Call .36
02/03/12 Sold 25 Mar 6 Put .31*
02/21/12 Sold 25 Oct 5 Put .31
03/26/12 Sold 50 Apr 6 Put .07*
03/27/12 Sold 25 Oct 6 Put .41
04/18/12 Sold 50 May 6 Put .07*
04/20/12 Sold 12 Oct 7 Call .35
04/20/12 Sold 50 Oct 8 Call .11
04/27/12 Sold 13 Oct 7 Call .37
04/27/12 Sold 25 Jul 6 Put .15
05/22/12 Sold 25 Oct 6 Put .50

Closed trades Profit/Loss

03/16/11 Dividend .01 on 15500 shares 155
04/16/11 Expired 80 Apr 6 Put 960
04/16/11 Expired 80 Apr 7 Call 1040
05/21/11 Expired 110 May 7 Call 1070
05/23/11 Bot Close 50 Jul 6 Put .17 725
06/07/11 Bot close 85 Jul 7 call .03 1050
06/15/11 Dividend .01 on 27500 shares 275
07/07/11 Bot Close 90 Oct 6 Put .19 2130
07/15/11 Expired 50 Jul 8 Call 800
08/05/11 Bot close 25 Aug 6 Put .60 (1000)
08/19/11 Expired 25 Aug 6 call 450
08/19/11 Expired 50 Aug 7 call 300
08/19/11 Bot close 50 Aug 5 Put .34 (1060)
09/13/11 Bot close 40 Sep 5 put .31 (620)
09/15/11 Dividend .04 on 32500 shares 1300
09/17/11 Expired 40 Sep 4 Put 600
09/17/11 Expired 100 Sep 7 Call 500
10/04/11 Bot close 125 Oct 7 call .01 2800
10/22/11 Expired 75 Oct 6 Call 3275
10/22/11 Expired 40 Oct 8 Call 600
10/22/11 Expired 50 Oct 4 Put 1300
10/22/11 Exercised 75 Oct 5 Put 850
10/22/11 Exercised 25 Oct 7 Put 1700
11/19/11 Expired 50 Nov 4 Put 700
11/19/11 Expired 125 Nov 6 Call 950
11/19/11 Exercised 75 Nov 5 Call 1800
11/19/11 Sold 7500 HBAN 5 0 (exercise of 7500 bot @ 5 on 10/22/11)
12/09/11 Bot close 50 Dec 5 Put .04 950
12/16/11 Dividend .04 on 35000 shares 1400
12/17/11 Expired 100 Dec 6 Call 650
12/22/11 Bot close 125 Jan 6 Call .06 850
01/21/12 Expired 100 Jan 2.5 Put 900
01/21/12 Expired 40 Jan 4 Put 960
01/21/12 Expired 50 Jan 5 Put 1000
01/21/12 Expired 50 Jan 7.5 Call 400
02/03/12 Bot close 80 Apr 4 Put .02 2360
02/22/12 Bot close 50 Apr 5 Put .05 1400
03/15/12 Dividend .04 on 37500 shares 1500
03/17/12 Expired 25 Mar 6 Put 775
04/09/12 Bot close 75 Jul 6 Put .29 3375
04/21/12 Expired 50 Apr 3 Put 750
04/21/12 Expired 50 Apr 6 Put 350
04/21/12 Expired 100 Apr 7 Call 2240
04/21/12 Exercised 100 Apr 6 Call 2325
04/21/12 Sold 10000 HBAN @ 6 4750 (exercise of lowest cost shares)
05/19/12 Expired 50 May 6 Put 350

Total return on closed trades 49935

Long 27500 HBAN avg/share 6.64 (182480)

Stock closed 05/18/12 6.15

Short 40 Jul 4 Put 1280
Short 25 Jul 5 Put 1375
Short 25 Jul 6 Put 375
Short 25 Jul 6 Call 900
Short 175 Jul 7 Call 3375
Short 25 Oct 5 Put 775
Short 50 Oct 6 Put 2275
Short 25 Oct 7 Call 901
Short 50 Oct 8 Call 550

Net Position Exposure

Covered calls 27500 shares
Naked puts 16500 shares

Forgot to add in a few Jul 6 Puts sold and sold a few Oct puts today.

Not much done here the last month and the bank was weak along with the rest of the sector and will be watching the overall market before adding to the position.

Still like the story here and will trade around it. Options can be closed early depending upon market conditions.
Good Trading

dealmakr

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To: Bocor who wrote (5121)5/22/2012 10:44:06 AM
From: Keith J   of 5710
 
I'm a bit surprised by magnitude of selloff, but sold a few STX July 24s today.

KJ

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To: Keith J who wrote (5123)5/22/2012 10:57:24 AM
From: Robohogs   of 5710
 
I sold weekly 25s.

Jon

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To: Robohogs who wrote (5124)5/22/2012 11:09:45 AM
From: Keith J   of 5710
 
At least STX gets more bang for their buck on their buybacks.

KJ

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