Friday and Weekly Recap. 5/18 post

Monday 5-18

Huge day in the markets today. BAC was upgraded to a buy and Lowes posted better than expected earnings. What you can infer from the Lowes' earning report is that Americans are spending money on their houses. The consensus around the "financial" fireplace is in order for America to get back on track, housing has to get back on track. Lowes' earnings may turn out to be the proof the markets needed that America is close to being back on track.

DOW up 235.44, S&P 500 up 26.83 and the Portfolio was up $2,099.10. Is it time to get long again? I'm not so sure. This is a massive run up for a day and we may see some pullback as early as tomorrow. No trades today but here are some updates

GE Sep 09 $15 Call (GEWH) -4.62% (cumulative, short this position)
GE Sep 09 $16 Call (GEWIQ) 8.26% (cumulative, short this position)

As you can see, I am short this two options (covered calls on my GE position). I'm not worried about the day to day movement of these. The only thing I would be concerened about would be to buy these back if I wanted to hang on to my GE position.


WEEKLY RECAP 5/11 - 5/15

DOW down 306.04
S&P 500 down 26.36
Portfolio down $7,039.19

Trades 3
Trades Closed 1
winners 1
losers 0

Dividends $13.33


Friday 5-15

DOW down 62.68, S&P 500 down 10.19, Portfolio down $1,057.82. No trades today. Dividend should hit tonight for MS.