Updates for Tuesday and Wednesday

Sorry guys. I didn't have access to a computer on Tuesday and I didn't have time yesterday to update the blog either. There were a lot of things happening during the past two days that I wish I was able to write about in real-time. I will try my best to remember all the situations

Tuesday

As I mentioned on Monday, I am slowly exiting some positions to free up cash. Like I mentioned also, there will be some trades that I exit prematurely that normally I would have let run for a higher profit.

DOW down 8.05 points, S&P 500 down 2.35 points and the Portfolio was down $308.33. No trades for today but I did have margin interest of $20.37 hit the account. 6.9% of an average balance of $3,384. This brings me to a total of $71.49 of margin interest charged to me this year with dividends equaling approximately $120 directly attributed to securities purchased on margin. So just buying securities on margin, I have made $50 more in money in than money out. This is not even considering the capital gains I have booked. Definitely worth it but I'm still trying to wind down to fund my other venture

Wednesday

ETFC came out with earnings last night after the bell. I wanted to sell 30 covered calls against the stock to bring in extra revenue but ended up not doing so because I did not want to cap my upside potential. Well that turned out to be a complete mistake. ETFC missed earning by $.01, losing -$.41 against the average of -$.40 of analyst projections. ETFC also informed investors that loan losses have increased and that loan loss provisions have increased. More bad news was piled on to this when they said revenue in the brokerage department was down. Stock dropped over -30% in AH trading. ETFC finished the day down -33.74%.

BAC and MS saved my portfolio yesterday going up 6.5% and 9.44%, respectively. It didn't completely balance out but it helped.

DOW up 168.78, S&P 500 up 18.48, while the Portfolio was down $1,280.32.
The Portfolio is down $2,769.37 these last three days alone.

One transaction today. Sold a 2 covered calls against MS. MS May 09 $25 (MSEE) for $.50 each. This trade obligates me to sell MS to someone on May 15th for $25. As long as the stock closes that day below $25.50, I maximize my profit. I have included a picture showing how I have played the stock so far. Last day of the month, I hope I do good.