Position Updates

Tommorrow, GS will be releasing its earnings results. It is likely that the outcome will move financial stocks either way. As such, I closed my position in JPM to lock-in my profits. Anyway, I will still have LEH and MER to play.

Close MER straight Put play at a small loss but replaced it with a Bear Call Spread. Also closed CTX as the stock was not moving in my direction and Housing stocks seemed to want to have a short rally. As this week is an Expiration Week, I would minimise leaving any Straight Call or Put options overnight (due to the waterfall effect of the options premiums)

Closed Positions
CTX - Sell to close Jan 25 Put @$2.50. Profit $0.05 (2.0%) over 5 days
JPM - Sell to close Jan 45 Put @$2.40. Profit $0.80 (50%) over 5 days
MER - Sell to close Jan 55 Put @3.10. Loss $0.20 (-6.1%) over 3 days

New Positions
MER - Bear Call Spread Dec 55/60 Call @$2.35 (when the stock is around $56.58)

Previous Positions Still in Play
RYL and LEH (Both Bear Call Spreads)

- PersianCat04 (Millionaire-in-progress)