First Trade for November

From November 13th

Made my first trade of the month which closed out a position opened on October 28.

1. SS 30 ETFC Nov 09 $1.50 puts (EUSWY) for $.10 or $267.38 cash in after commissions.

Today I closed the position by buying to cover my 30 short contracts

2. BC 30 ETFC Nov 09 $1.50 puts (EUSWY) for $.04 or $152.61 cash out after commissions.

Just to recap the trade. I didn't think ETFC was going to trade below $1.50 for November expiration so I sold someone to the right to sell me ETFC for $1.50 come the third week of November. I am betting that it will be higher while the other side of the trade is either betting ETFC will be lower than $1.50 or they are buying insurance to protect themselves from ETFC going below $1.50.

This trade was executed at 10:49 in the morning as a limit trade. I put the order in before the market as a limit order saying that I will only buy it back at $.04 or lower. At the time, ETFC was trading for approximately $1.53 so this trade was OTM at the time.

My profit on this position after all my commissions was $114.77 or 42.92% on a 16 day trade.

I also had a dividend hit on MS on November 13 of $10.04 which was reinvested.