DOW down for the day 1.43 points while the S&P 500 was up 3.29. Portfolio was up a respectable $260.17 on help from ETFC up 5.52% and short options going in my favor.
Here are the three options I have been mentioning for the last week. Again, I tried to close out both GE positions but have not received favorable pricing. I still think I can eke out some more money out of both these trades.
Short AA June 09 $8 Put (AARH) 74.80%
Short GE Sep 09 $15 Call (GEWIH) 9.01%
Short GE Sep 09 $16 Call (GEWIQ) 25.42%
We are 8 trading days out from June option expiration (19th) and I don't think I will have to close out that AA position. It will probably expire worthless. I still haven't made moves in a couple of days. I haven't really seen anything that I've liked enough to buy. With the low volume in the market and the steady but small upticks, I feel a correction is literally right around the corner. The last thing I want for my portfolio is to go into a correction with more long positions.
One thing that I have been wondering for a long time now is jumping back into stocks that pay healthy dividends. I have been burned pretty bad this last year with my dividend stocks (BAC, PGH, MS and PNC) but I am constantly scouring the board for potential plays.
I have collected $312.69 in dividends as of May 31, 2009. Hardly enough to retire on. Its time to beef this up.
Tuesday, June 9, 2009
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