Day before Stress Test

Some new results were released through "anonymous" sources about what banks need what monies. Seems that the news was not as bad as some feared and the financials and the markets in general took off. The DOW was up 101.63 points, S&P 500 up 15.73 and the Portfolio was up $1,993.55.

Made a lot of trades today. The most I have ever made in my life actually. I closed 3 different positions and opened a couple up. I closed one in the IRA for a 62% gain.

Here is what I closed out in the Portfolio
BYOQF for a 60% gain
MSQD for a 77% gain

I think that both would have gone and expired worthless. But with them both being close to zero, the reward of getting a couple of more dollars just didn't seem worth it to me in this volatility. I was short both these options so my margin increased buying them back. I really need to try and get that margin to $0 soon. No rush I guess.

I bought some protection today for my BAC position. I purchased 8 contracts of the June 09 $7 Put (BYORG) for $.25. This will be worth something if BAC goes down. I don't won't this to make money but its just a little insurance contract. It kind of feels like I'm wasting my money but its really not that much money for a little piece of mind.

I offset set some of this money out by selling a covered call against BAC. May 09 $16 Call (BYOEP) for $.15. This makes me obligated to sell my BAC shares for $16 no matter where it is next week.

The last trade I made was a covered call for GE. GE Sep 09 $16 Call (GEWIQ) for $.70. Its a long trade out to September but I think I will be able to buy it back and make some money of this trade.