Cinco de Mayo today. The day when all patriotic Mexicans celebrate the freedom of Mexico from foreign invaders (French). Also, the same day Americans get drunk off Corona and Patron yelling in Spanish.
Markets were relatively unchanged today. DOW down 16.09 points, S&P 500 down 3.44 points and the Portfolio was up $219.27. Made a couple of trades today. I sold a May 09 $13 Call on GE for $.39 a week ago. This was when GE was trading around $11 something. It has since exploded to the upside and is ITM (in the money). I really didn't want to sell my shares for $13, I think they have more room to the upside so I "rolled" my contract.
I bought back my contract for contract for $.71. I took a loss on this trade of $.71-$.39=$.32 (Sold to open @ $.39 and bought back @ $.71) and sold to open a Sept 09 $15 Call for $.92. I sold a higher strike price further out for a credit (money in) of $.92-$.32= $.60 and now I can sell the stock for $2 more. It was a net credit but commissions took a healthy chunk of that "$.60" credit.
Remember a month of go when I recommended S....well go take a look at it now..coulda woulda shoulda....
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