Position Updates

The market was very kind to me during the first 3 market days in 2008. All my short positions are positive. I have taken the liberty to lock-in my profits and expose less capital in the market by either buying new Put options at a lower strike price or playing credit spreads. Note that expiry Friday is just 2 weeks to go. The waterfall effect, where the Options time value decrease tremendously started to kick-in already. Below are my recent plays:

Thursday's (3 Jan) Play
Sell to close COH Feb 30 Put @$2.00.
Profit 5.3% (over 5 market days)
I closed this position as the stock had not move as much but it lost a fair bit of its time value.

Sell to open Bear Call Spread COH Jan 30/32.5 Call @$0.86 (when the stock is abt $30.46)
This play replaced the COH direct Put play above.

Sell to open Bear Call Spread QCOM Jan 37.5/40 Call @$1.00 (when the stock is abt $38.00)


Friday's (4 Jan) Play

Closed Positions
Sell to close CTX Feb 25 Put @$4.30 (when the stock is around $21.62)
Profit 79.2% (over 5 market days)

Sell to close MER Feb 52.5 Put @$4.90 (when the stock is around $49.63)
Profit 48.5% (over 5 market days)

Sell to close SLM Feb 20 Put @$3.30 (when the stock is around $17.42)
Profit 50.0% (over 5 market days)

New positions
Buy to open CTX Feb 20 Put @$1.75 (when the stock is around $20.87)
- on hindsight, I should have just play the Bear Call Spread. Anyway, let's see how it go when market opens on Monday.

Sell to open Bear Call Spread MER Jan 50/55 Call @$1.75 (when the stock is around $50.02)

- PersianCat04 (Millionaire-in-progress)