I missed an update on Friday. I started drinking at work with the 'ol boss. Gin and tonics later led me to a friends house. Sweet tea vodka and miller lites later, passed out. I would have liked to updated the blog as a lot happened on Friday but the blog took a back seat to alcohol.
Bank nationalization talk dominated the news and as a result, BAC got hammered dropping over 34% for the week. All financials were down hard including some of my holdings, GE, RJF, MS, ETFC among others. The portfolio was down almost $1,000. My MSBY option expired worthless with MS trading lower than $20. If you remember, the MSBY was a call @$24. My option of BYOND was assigned to me as BAC traded below $4. This means I was forced to buy 500 shares of BAC @$4 for $2,000. My cost basis for this trade is adjusted after selling the put options and collecting the premiums of 50 cents which means I am in the trade at $3.50. BAC traded AH (after hours) at $4.02. This means that I got "lucky" getting assigned and that right now I'm up 14.85%. Not sure how this is going to play out. I'm going to sell this position as soon as possible Monday morning and take any gains that come my way.......unless I think I'm a bad ass and can run this position for a big gain.....we shall see.
Portfolio down -3,295.92
Dow down -342
S&P 500 down -34
Trades 1
Dividends $14.82
Whats up? Gold
No comments:
Post a Comment