Bernanke Talks....Portfolio Listens

Finally! The bleeding has stopped for at least a day. The portfolio was up $2,138.17. It was actually up about $400 more, but I had a couple of trades today. I sold off two mutual funds which I have had forever. One was a small cap mutual fund which sucked butt. The other one was an international fund that I actually wanted to keep for a little, but it has been dying for a long time and I just wanted to get rid of it. The funds were up 1.58% and 4.8% today, respectively. 

I also made another trade today. If you remember from yesterday, I wanted to sell a covered call against MS. Well MS was up again in the morning and I sold 2 contracts of the March 24 call for $.65 (MSCY). I figured that the market was going to continue the path from yesterday and we would have a quick drop after the morning rally. 

Well Big Ben Bernanke came out today in front of congress and said some good things. The markets rallied on his testimony and never stopped. So right now I'm down over -106% on this trade as the option rallied today and gained 125%. But...its a covered call so I'm not worried about it. The higher it goes, the higher MS goes. If it gets called away and MS is higher than $24, well I left some money on the table. It will still be a good short term trade that was mildly hedged. I bought MS for $20.92, sold a call for $.85 which expired worthless and today sold a call for $.65 so I'm in MS for $19.42. If I get called in the third week of March for $24, it will be a month long trade that will be a 24% gain.

On a side note, with the put I sold on BAC that I was assigned for $4 and ended today at $4.73. Had I sold it at the close ad, I would have had a 2 day trade be a 23.82% gain including the premiums I received. AAAAAAAAAAAAAAAAAAAAggggh I have to stop being greedy and take profits.