The SNDK May08 25.00 Call was ITM so the following adjustment was made today to avoid possible assignment:
29-Apr-08 - Buy Back & Roll Out/Up - BTC 2 May08 25.00 Call @ -2.35 -
29-Apr-08 - Interim Trade - STO 2 Jul08 30.00 Call @ 1.38 -
This traded resulted in a net debit of $0.97/share. I normally try to roll out for a net credit, which would have meant going out farther in time and possibly buying additional shares. However, since this is a non-dividend paying position I didn't want to add more funds to the position or go out too far in time. So I decided to roll out/up to the Jul08 25.00 Call, which was the second OTM strike available but still below my original cost basis. I chose the Jul08 expiration since this is an interim trade and I'll be on vacation during June expiration.
Current Position Summary:
Stock Investment: $10,854.00
Income Generated: $3,604.80
Percent Income Generated: 33.21%
Annualized Income Generated: 14.86%
Net Profit If Called: -$1,249.20
Percent Return If Called: -11.51%
Annualized Return If Called: -5.15%
Days Held to Expiration: 816 days
Trade History:
24-Apr-06 - Initial Stock Position - BTO 100 SNDK @ 59.56 -
24-Apr-06 - Initial Call Option - STO 1 Jul06 57.50 Call @ 7.09 - Closed
06-Jul-06 - Buy Back & Roll Out/Down - BTC 1 Jul06 57.50 Call @ -0.16 -
06-Jul-06 - Dollar Cost Averaging - BTO 100 SNDK @ 48.98 -
06-Jul-06 - Combined Cost Basis - $10,854.00 200 @ 54.27 -
06-Jul-06 - Continued Trade - STO 2 Oct06 55.00 Call @ 3.39 - Expired
23-Oct-06 - Continued Trade - STO 2 Jan07 55.00 Call @ 2.14 - Closed
19-Dec-06 - Buy Back & Roll Out/Down - BTC 2 Jan07 55.00 Call @ -0.16 -
19-Dec-06 - Continued Trade - STO 2 Feb07 50.00 Call @ 1.69 - Closed
06-Feb-07 - Buy Back & Roll Out/Down - BTC 2 Feb07 50.00 Call @ -0.06 -
06-Feb-07 - Interim Trade - STO 2 Apr07 45.00 Call @ 1.39 - Expired
27-Apr-07 - Interim Trade - STO 2 May07 45.00 Call @ 0.84 - Expired
21-May-07 - Interim Trade - STO 2 Jun07 45.00 Call @ 0.98 - Closed
15-Jun-07 - Buy Back & Roll Out/Up - BTC 2 Jun07 45.00 Call @ -1.46 -
15-Jun-07 - Continued Trade - STO 2 Oct07 50.00 Call @ 2.60 - Expired
22-Oct-07 - Continued Trade - STO 2 Nov07 45.00 Call @ 1.64 - Expired
20-Nov-07 - Continued Trade - STO 2 Dec07 40.00 Call @ 0.67 - Expired
14-Jan-08 - Interim Trade - STO 2 Feb08 35.00 Call @ 0.85 - Expired
21-Feb-08 - Interim Trade - STO 2 Mar08 30.00 Call @ 0.24 - Expired
25-Mar-08 - Interim Trade - STO 2 May08 25.00 Call @ 0.74 - Closed
29-Apr-08 - Buy Back & Roll Out/Up - BTC 2 May08 25.00 Call @ -2.35 -
29-Apr-08 - Interim Trade - STO 2 Jul08 30.00 Call @ 1.38 -
Tuesday, April 29, 2008
NTES - Adjustment
The NTES May08 20.00 Call was ITM so the following adjustment was made today to avoid possible assignment:
29-Apr-08 - Buy Back & Roll Out/Up - BTC 4 May08 20.00 Call @ -2.52 -
29-Apr-08 - Continued Trade - STO 4 Jun08 25.00 Call @ 0.68 -
This traded resulted in a net debit of $1.84/share. I normally try to roll out for a net credit, which would have meant going out farther in time and possibly buying additional shares. However, since this is a non-dividend paying position I didn't want to add more funds to the position or go out too far in time. So I decided to roll out/up to the Jun08 25.00 Call, which was the second OTM strike available that was above my original cost basis.
Current Position Summary:
Stock Investment: $9,694.00
Income Generated: $3,699.80
Percent Income Generated: 38.17%
Annualized Income Generated: 16.93%
Net Profit If Called: $4,005.80
Percent Return If Called: 41.32%
Annualized Return If Called: 18.33%
Days to Expiration: 823 days
Trade History:
20-Mar-06 - Initial Stock Position - BTO 100 NTES @ 96.94 - 4-1 Split
20-Mar-06 - Initial Call Option - STO 1 Jun06 85.00 Call @ 15.29 - 4-1 Split
28-Mar-06 - Split Stock Position - SPLT 400 NTES @ 24.24 -
28-Mar-06 - Split Call Option - SPLT 4 Jun06 21.25 Call @ 3.82 - Expired
26-Jun-06 - Continued Trade - STO 4 Jan07 22.50 Call @ 3.19 - Closed
23-Oct-06 - Buy Back & Roll Out/Down - BTC 4 Jan07 22.50 Call @ -0.16 -
23-Oct-06 - Continued Trade - STO 4 Jan07 18.75 Call @ 0.69 - Closed
17-Jan-07 - Buy Back & Roll Out/Up - BTC 4 Jan07 18.75 Call @ -0.41 -
17-Jan-07 - Continued Trade - STO 4 Mar07 20.00 Call @ 0.99 - Expired
19-Mar-07 - Interim Trade - STO 4 Apr07 20.00 Call @ 0.19 - Expired
23-Apr-07 - Interim Trade - STO 4 May07 20.00 Call @ 0.19 - Expired
21-May-07 - Interim Trade - STO 4 Jun07 20.00 Call @ 0.34 - Expired
19-Jun-07 - Interim Trade - STO 4 Sep07 20.00 Call @ 0.32 - Expired
24-Sep-07 - Continued Trade - STO 4 Dec07 20.00 Call @ 0.67 - Expired
24-Jan-08 - Continued Trade - STO 4 Mar08 20.00 Call @ 0.74 - Expired
25-Mar-08 - Continued Trade - STO 4 May08 20.00 Call @ 0.48 - Closed
29-Apr-08 - Buy Back & Roll Out/Up - BTC 4 May08 20.00 Call @ -2.52 -
29-Apr-08 - Continued Trade - STO 4 Jun08 25.00 Call @ 0.68 -
29-Apr-08 - Buy Back & Roll Out/Up - BTC 4 May08 20.00 Call @ -2.52 -
29-Apr-08 - Continued Trade - STO 4 Jun08 25.00 Call @ 0.68 -
This traded resulted in a net debit of $1.84/share. I normally try to roll out for a net credit, which would have meant going out farther in time and possibly buying additional shares. However, since this is a non-dividend paying position I didn't want to add more funds to the position or go out too far in time. So I decided to roll out/up to the Jun08 25.00 Call, which was the second OTM strike available that was above my original cost basis.
Current Position Summary:
Stock Investment: $9,694.00
Income Generated: $3,699.80
Percent Income Generated: 38.17%
Annualized Income Generated: 16.93%
Net Profit If Called: $4,005.80
Percent Return If Called: 41.32%
Annualized Return If Called: 18.33%
Days to Expiration: 823 days
Trade History:
20-Mar-06 - Initial Stock Position - BTO 100 NTES @ 96.94 - 4-1 Split
20-Mar-06 - Initial Call Option - STO 1 Jun06 85.00 Call @ 15.29 - 4-1 Split
28-Mar-06 - Split Stock Position - SPLT 400 NTES @ 24.24 -
28-Mar-06 - Split Call Option - SPLT 4 Jun06 21.25 Call @ 3.82 - Expired
26-Jun-06 - Continued Trade - STO 4 Jan07 22.50 Call @ 3.19 - Closed
23-Oct-06 - Buy Back & Roll Out/Down - BTC 4 Jan07 22.50 Call @ -0.16 -
23-Oct-06 - Continued Trade - STO 4 Jan07 18.75 Call @ 0.69 - Closed
17-Jan-07 - Buy Back & Roll Out/Up - BTC 4 Jan07 18.75 Call @ -0.41 -
17-Jan-07 - Continued Trade - STO 4 Mar07 20.00 Call @ 0.99 - Expired
19-Mar-07 - Interim Trade - STO 4 Apr07 20.00 Call @ 0.19 - Expired
23-Apr-07 - Interim Trade - STO 4 May07 20.00 Call @ 0.19 - Expired
21-May-07 - Interim Trade - STO 4 Jun07 20.00 Call @ 0.34 - Expired
19-Jun-07 - Interim Trade - STO 4 Sep07 20.00 Call @ 0.32 - Expired
24-Sep-07 - Continued Trade - STO 4 Dec07 20.00 Call @ 0.67 - Expired
24-Jan-08 - Continued Trade - STO 4 Mar08 20.00 Call @ 0.74 - Expired
25-Mar-08 - Continued Trade - STO 4 May08 20.00 Call @ 0.48 - Closed
29-Apr-08 - Buy Back & Roll Out/Up - BTC 4 May08 20.00 Call @ -2.52 -
29-Apr-08 - Continued Trade - STO 4 Jun08 25.00 Call @ 0.68 -
MHP - Adjustment
The following adjustment was made today on MHP:
29-Apr-08 - Continued Trade - STO 1 May08 40.00 Call @ 1.69 -
The Apr08 40.00 Call expired worthless and I waited until after today's earnings announcement before selling another call.
Current Position Summary:
Stock Investment: $4,117.00
Income Generated: $471.00
Percent Income Generated: 11.44%
Annualized Income Generated: 49.71%
Net Profit If Called: $354.00
Percent Return If Called: 8.60%
Annualized Return If Called: 37.36%
Days Held to Expiration: 84 days
Trade History:
22-Feb-08 - Initial Stock Position - BTO 100 MHP @ 41.17 -
22-Feb-08 - Initial Call Option - STO 1 Apr08 40.00 Call @ 2.80 - Expired
12-Mar-08 - Dividend Received - DIV 100 Dividend @ 0.22 -
29-Apr-08 - Continued Trade - STO 1 May08 40.00 Call @ 1.69 -
29-Apr-08 - Continued Trade - STO 1 May08 40.00 Call @ 1.69 -
The Apr08 40.00 Call expired worthless and I waited until after today's earnings announcement before selling another call.
Current Position Summary:
Stock Investment: $4,117.00
Income Generated: $471.00
Percent Income Generated: 11.44%
Annualized Income Generated: 49.71%
Net Profit If Called: $354.00
Percent Return If Called: 8.60%
Annualized Return If Called: 37.36%
Days Held to Expiration: 84 days
Trade History:
22-Feb-08 - Initial Stock Position - BTO 100 MHP @ 41.17 -
22-Feb-08 - Initial Call Option - STO 1 Apr08 40.00 Call @ 2.80 - Expired
12-Mar-08 - Dividend Received - DIV 100 Dividend @ 0.22 -
29-Apr-08 - Continued Trade - STO 1 May08 40.00 Call @ 1.69 -
FTEK - Adjustment
The FTEK May08 22.50 Call was ITM so the following adjustment was made today to avoid possible assignment:
29-Apr-08 - Buy Back & Roll Out/Up - BTC 1 May08 22.50 Call @ -3.91 -
29-Apr-08 - Continued Trade - STO 1 Jun08 30.00 Call @ 0.69 -
This traded resulted in a net debit of $3.22/share. I normally try to roll out for a net credit, which would have meant going out farther in time and possibly buying additional shares. However, since this is a non-dividend paying position I didn't want to add more funds to the position or go out too far in time. So I decided to roll out/up to the Jun08 30.00 Call, which was the first OTM strike available that was above my original cost basis.
Current Position Summary:
Stock Investment: $2,839.00
Income Generated: $159.00
Percent Income Generated: 5.60%
Annualized Income Generated: 5.57%
Net Profit If Called: $320.00
Percent Return If Called: 11.27%
Annualized Return If Called: 11.21%
Days Held to Expiration: 367 days
Trade History:
19-Jun-07 - Initial Stock Position - BTO 100 FTEK @ 28.39 -
19-Jun-07 - Initial Call Option - STO 1 Dec07 30.00 Call @ 3.29 - Expired
07-Jan-08 - Continued Trade - STO 1 Feb08 25.00 Call @ 0.34 - Expired
21-Feb-08 - Interim Trade - STO 1 Mar08 22.50 Call @ 0.44 - Expired
25-Mar-08 - Interim Trade - STO 1 May08 22.50 Call @ 0.74 - Closed
29-Apr-08 - Buy Back & Roll Out/Up - BTC 1 May08 22.50 Call @ -3.91 -
29-Apr-08 - Continued Trade - STO 1 Jun08 30.00 Call @ 0.69 -
29-Apr-08 - Buy Back & Roll Out/Up - BTC 1 May08 22.50 Call @ -3.91 -
29-Apr-08 - Continued Trade - STO 1 Jun08 30.00 Call @ 0.69 -
This traded resulted in a net debit of $3.22/share. I normally try to roll out for a net credit, which would have meant going out farther in time and possibly buying additional shares. However, since this is a non-dividend paying position I didn't want to add more funds to the position or go out too far in time. So I decided to roll out/up to the Jun08 30.00 Call, which was the first OTM strike available that was above my original cost basis.
Current Position Summary:
Stock Investment: $2,839.00
Income Generated: $159.00
Percent Income Generated: 5.60%
Annualized Income Generated: 5.57%
Net Profit If Called: $320.00
Percent Return If Called: 11.27%
Annualized Return If Called: 11.21%
Days Held to Expiration: 367 days
Trade History:
19-Jun-07 - Initial Stock Position - BTO 100 FTEK @ 28.39 -
19-Jun-07 - Initial Call Option - STO 1 Dec07 30.00 Call @ 3.29 - Expired
07-Jan-08 - Continued Trade - STO 1 Feb08 25.00 Call @ 0.34 - Expired
21-Feb-08 - Interim Trade - STO 1 Mar08 22.50 Call @ 0.44 - Expired
25-Mar-08 - Interim Trade - STO 1 May08 22.50 Call @ 0.74 - Closed
29-Apr-08 - Buy Back & Roll Out/Up - BTC 1 May08 22.50 Call @ -3.91 -
29-Apr-08 - Continued Trade - STO 1 Jun08 30.00 Call @ 0.69 -
Monday, April 28, 2008
Today's Trades
I closed 3 positions for a loss today, CHS, GGC, & SHFL, as a result of my new review process based on fair value, margin of safety, and yield on cost. These positions were closed for the following reasons:
1. The companies had their fair value lowered more than once since they were purchased, indicating a fundamental breakdown in the company.
2. My adjusted cost basis for each position was at or above the current fair value price, which provided no margin of safety.
3. The stock prices had fallen below $10, which made it very difficult to sell sufficient premium to satisfy the yield on cost requirement.
In hindsight, if I had used this review process earlier I would have closed these positions a long time ago and probably wouldn't have suffered such a large loss on each position. Lesson learned!
Fortunately, I limit all of my positions to a maximum of 5% of total capital. These 3 positions represented between 1-2% of total capital per position, making the combined loss less than 3% of total capital. This is why position sizing is critical. I could have further reduced the loss by going through this review process before averaging down on each position. Had I done that, I might not have invested more funds into these positions and may have just closed them. Another lesson learned!
On the bright side, now I have a better process for deciding whether or not to average down and to weed out under performing positions. In the future, I won't hesitate in closing a position, even at a loss, if it fails to pass this review, just like I didn't hesitate today.
1. The companies had their fair value lowered more than once since they were purchased, indicating a fundamental breakdown in the company.
2. My adjusted cost basis for each position was at or above the current fair value price, which provided no margin of safety.
3. The stock prices had fallen below $10, which made it very difficult to sell sufficient premium to satisfy the yield on cost requirement.
In hindsight, if I had used this review process earlier I would have closed these positions a long time ago and probably wouldn't have suffered such a large loss on each position. Lesson learned!
Fortunately, I limit all of my positions to a maximum of 5% of total capital. These 3 positions represented between 1-2% of total capital per position, making the combined loss less than 3% of total capital. This is why position sizing is critical. I could have further reduced the loss by going through this review process before averaging down on each position. Had I done that, I might not have invested more funds into these positions and may have just closed them. Another lesson learned!
On the bright side, now I have a better process for deciding whether or not to average down and to weed out under performing positions. In the future, I won't hesitate in closing a position, even at a loss, if it fails to pass this review, just like I didn't hesitate today.
WFMI - Adjustment
The following adjustment was made today on WFMI:
28-Apr-08 - Buy Back & Roll Down - BTC 2 May08 45.00 Call @ -0.06 -
28-Apr-08 - Interim Trade - STO 2 May08 34.00 Call @ 0.53 -
Current Position Summary:
Stock Investment: $8,563.00
Income Generated: $1,298.90
Percent Income Generated: 15.17%
Annualized Income Generated: 14.23%
Net Profit If Called: -$464.10
Percent Return If Called: -5.42%
Annualized Return If Called: -5.09%
Days Held to Expiration: 389 days
Trade History:
23-Apr-07 - Initial Stock Position - BTO 100 WFMI @ 47.19 - VICC
23-Apr-07 - Initial Call Option - STO 1 May07 50.00 Call @ 0.83 - Expired
21-May-07 - Interim Trade - STO 1 Jul07 45.00 Call @ 0.24 - Closed
21-Jun-07 - Buy Back and Roll Out - BTC 1 Jul07 45.00 Call @ -0.03 -
21-Jun-07 - Dollar Cost Averaging - BTO 100 WFMI @ 38.44 -
21-Jun-07 - Combined Cost Basis - $8,563.00 200 @ 42.82 -
21-Jun-07 - Continued Trade - STO 2 Aug07 45.00 Call @ 0.29 - Expired
24-Jul-07 - Dividend Received - DIV 200 Dividend @ 0.18 -
20-Aug-07 - Continued Trade - STO 2 Sep07 50.00 Call @ 0.20 - Expired
24-Sep-07 - Continued Trade - STO 2 Oct07 50.00 Call @ 0.16 - Expired
22-Oct-07 - Continued Trade - STO 2 Dec07 50.00 Call @ 2.64 - Expired
14-Jan-08 - Continued Trade - STO 2 May08 45.00 Call @ 1.45 - Closed
22-Jan-08 - Dividend Received - DIV 200 Dividend @ 0.20 -
22-Apr-08 - Dividend Received - DIV 200 Dividend @ 0.20 -
28-Apr-08 - Buy Back & Roll Down - BTC 2 May08 45.00 Call @ -0.06 -
28-Apr-08 - Interim Trade - STO 2 May08 34.00 Call @ 0.53 -
28-Apr-08 - Buy Back & Roll Down - BTC 2 May08 45.00 Call @ -0.06 -
28-Apr-08 - Interim Trade - STO 2 May08 34.00 Call @ 0.53 -
Current Position Summary:
Stock Investment: $8,563.00
Income Generated: $1,298.90
Percent Income Generated: 15.17%
Annualized Income Generated: 14.23%
Net Profit If Called: -$464.10
Percent Return If Called: -5.42%
Annualized Return If Called: -5.09%
Days Held to Expiration: 389 days
Trade History:
23-Apr-07 - Initial Stock Position - BTO 100 WFMI @ 47.19 - VICC
23-Apr-07 - Initial Call Option - STO 1 May07 50.00 Call @ 0.83 - Expired
21-May-07 - Interim Trade - STO 1 Jul07 45.00 Call @ 0.24 - Closed
21-Jun-07 - Buy Back and Roll Out - BTC 1 Jul07 45.00 Call @ -0.03 -
21-Jun-07 - Dollar Cost Averaging - BTO 100 WFMI @ 38.44 -
21-Jun-07 - Combined Cost Basis - $8,563.00 200 @ 42.82 -
21-Jun-07 - Continued Trade - STO 2 Aug07 45.00 Call @ 0.29 - Expired
24-Jul-07 - Dividend Received - DIV 200 Dividend @ 0.18 -
20-Aug-07 - Continued Trade - STO 2 Sep07 50.00 Call @ 0.20 - Expired
24-Sep-07 - Continued Trade - STO 2 Oct07 50.00 Call @ 0.16 - Expired
22-Oct-07 - Continued Trade - STO 2 Dec07 50.00 Call @ 2.64 - Expired
14-Jan-08 - Continued Trade - STO 2 May08 45.00 Call @ 1.45 - Closed
22-Jan-08 - Dividend Received - DIV 200 Dividend @ 0.20 -
22-Apr-08 - Dividend Received - DIV 200 Dividend @ 0.20 -
28-Apr-08 - Buy Back & Roll Down - BTC 2 May08 45.00 Call @ -0.06 -
28-Apr-08 - Interim Trade - STO 2 May08 34.00 Call @ 0.53 -
SHFL - Closed
The SHFL position was closed today for a loss. The following is the trade history and returns, including IB commissions.
Covered Call Results
Stock Investment: $4,263.00
Income Generated: $605.10
Net Profit: -$2,688.90
Percent Return: -63.08%
Annualized Return: -53.29%
Duration of Trade: 432 days
Buy & Hold Comparison
Opening Price: $25.52
Closing Price: $4.84
P/L per Share: -$20.68
Shares: 200
Dividends: $0.00
Net Profit: -$2,068.00
Percent Return: -83.01%
Annualized Return: -68.47%
Duration of Trade: 432 days
Trade History:
21-Feb-07 - Initial Stock Position - BTO 100 SHFL @ 25.52 - Closed
21-Feb-07 - Initial Call Option - STO 1 Aug07 25.00 Call @ 2.99 - Closed
21-Jun-07 - Buy Back - BTC 1 Aug07 25.00 Call @ -0.11 -
21-Jun-07 - Dollar Cost Averaging - BTO 100 SHFL @ 17.11 - Closed
21-Jun-07 - Combined Cost Basis - $4,263.00 200 @ 21.32 -
21-Jun-07 - Interim Trade - STO 2 Jan08 20.00 Call @ 1.19 - Expired
24-Jan-08 - Interim Trade - STO 2 Mar08 10.00 Call @ 0.39 - Expired
28-Apr-08 - Close Stock Position - BTC 2 Closed @ 4.85 -
Covered Call Results
Stock Investment: $4,263.00
Income Generated: $605.10
Net Profit: -$2,688.90
Percent Return: -63.08%
Annualized Return: -53.29%
Duration of Trade: 432 days
Buy & Hold Comparison
Opening Price: $25.52
Closing Price: $4.84
P/L per Share: -$20.68
Shares: 200
Dividends: $0.00
Net Profit: -$2,068.00
Percent Return: -83.01%
Annualized Return: -68.47%
Duration of Trade: 432 days
Trade History:
21-Feb-07 - Initial Stock Position - BTO 100 SHFL @ 25.52 - Closed
21-Feb-07 - Initial Call Option - STO 1 Aug07 25.00 Call @ 2.99 - Closed
21-Jun-07 - Buy Back - BTC 1 Aug07 25.00 Call @ -0.11 -
21-Jun-07 - Dollar Cost Averaging - BTO 100 SHFL @ 17.11 - Closed
21-Jun-07 - Combined Cost Basis - $4,263.00 200 @ 21.32 -
21-Jun-07 - Interim Trade - STO 2 Jan08 20.00 Call @ 1.19 - Expired
24-Jan-08 - Interim Trade - STO 2 Mar08 10.00 Call @ 0.39 - Expired
28-Apr-08 - Close Stock Position - BTC 2 Closed @ 4.85 -
GGC - Closed
The GGC position was closed today for a loss. The following is the trade history and returns, including IB commissions.
Covered Call Results
Stock Investment: $4,269.00
Income Generated: $724.05
Net Profit: -$1,647.45
Percent Return: -38.59%
Annualized Return: -32.61%
Duration of Trade: 432 days
Buy & Hold Comparison
Opening Price: $20.54
Closing Price: $6.32
P/L per Share: -$14.22
Shares: 100
Dividends: $0.00
Net Profit: -$1,422.00
Percent Return: -69.23%
Annualized Return: -58.48%
Duration of Trade: 432 days
Trade History:
21-Feb-07 - Initial Stock Position - BTO 100 GGC @ 20.54 - Closed
21-Feb-07 - Initial Call Option - STO 1 May07 20.00 Call @ 2.13 - Expired
10-Apr-07 - Dividend Received - DIV 100 Dividend @ 0.08 -
21-May-07 - Continued Trade - STO 1 Jun07 20.00 Call @ 0.29 - Expired
19-Jun-07 - Continued Trade - STO 1 Nov07 20.00 Call @ 1.39 - Closed
10-Jul-07 - Dividend Received - DIV 100 Dividend @ 0.08 -
10-Oct-07 - Dividend Received - DIV 100 Dividend @ 0.08 -
02-Nov-07 - Buy Back & Roll Down - BTC 1 Nov07 20.00 Call @ -0.06 -
02-Nov-07 - Dollar Cost Averaging - BTO 200 GGC @ 11.08 - Closed
02-Nov-07 - Combined Cost Basis - $4,269.00 300 @ 14.23 -
02-Nov-07 - Interim Trade - STO 3 Dec07 12.50 Call @ 0.39 - Expired
10-Jan-08 - Dividend Received - DIV 300 Dividend @ 0.08 -
24-Jan-08 - Interim Trade - STO 3 Mar08 7.50 Call @ 0.29 - Expired
25-Mar-08 - Interim Trade - STO 3 May08 10.00 Call @ 0.29 - Closed
10-Apr-08 - Dividend Received - DIV 300 Dividend @ 0.08 -
28-Apr-08 - Close Option Position - BTC 3 May08 10.00 Call @ -0.06 -
28-Apr-08 - Close Stock Position - STC 3 Closed @ 6.33 -
Covered Call Results
Stock Investment: $4,269.00
Income Generated: $724.05
Net Profit: -$1,647.45
Percent Return: -38.59%
Annualized Return: -32.61%
Duration of Trade: 432 days
Buy & Hold Comparison
Opening Price: $20.54
Closing Price: $6.32
P/L per Share: -$14.22
Shares: 100
Dividends: $0.00
Net Profit: -$1,422.00
Percent Return: -69.23%
Annualized Return: -58.48%
Duration of Trade: 432 days
Trade History:
21-Feb-07 - Initial Stock Position - BTO 100 GGC @ 20.54 - Closed
21-Feb-07 - Initial Call Option - STO 1 May07 20.00 Call @ 2.13 - Expired
10-Apr-07 - Dividend Received - DIV 100 Dividend @ 0.08 -
21-May-07 - Continued Trade - STO 1 Jun07 20.00 Call @ 0.29 - Expired
19-Jun-07 - Continued Trade - STO 1 Nov07 20.00 Call @ 1.39 - Closed
10-Jul-07 - Dividend Received - DIV 100 Dividend @ 0.08 -
10-Oct-07 - Dividend Received - DIV 100 Dividend @ 0.08 -
02-Nov-07 - Buy Back & Roll Down - BTC 1 Nov07 20.00 Call @ -0.06 -
02-Nov-07 - Dollar Cost Averaging - BTO 200 GGC @ 11.08 - Closed
02-Nov-07 - Combined Cost Basis - $4,269.00 300 @ 14.23 -
02-Nov-07 - Interim Trade - STO 3 Dec07 12.50 Call @ 0.39 - Expired
10-Jan-08 - Dividend Received - DIV 300 Dividend @ 0.08 -
24-Jan-08 - Interim Trade - STO 3 Mar08 7.50 Call @ 0.29 - Expired
25-Mar-08 - Interim Trade - STO 3 May08 10.00 Call @ 0.29 - Closed
10-Apr-08 - Dividend Received - DIV 300 Dividend @ 0.08 -
28-Apr-08 - Close Option Position - BTC 3 May08 10.00 Call @ -0.06 -
28-Apr-08 - Close Stock Position - STC 3 Closed @ 6.33 -
CHS - Closed
The CHS position was closed today for a loss. The following is the trade history and returns, including IB commissions.
Covered Call Results
Stock Investment: $5,042.00
Income Generated: $622.50
Net Profit: -$2,465.30
Percent Return: -48.90%
Annualized Return: -56.84%
Duration of Trade: 314 days
Buy & Hold Comparison
Avg. Opening Price: $25.11
Closing Price: $6.51
P/L per Share: -$18.60
Shares: 100
Dividends: $0.00
Net Profit: -$1,860.00
Percent Return: -74.07%
Annualized Return: -86.11%
Duration of Trade: 314 days
Trade History:
19-Jun-07 - Initial Stock Position - BTO 100 CHS @ 25.11 - Closed
19-Jun-07 - Initial Call Option - STO 1 Nov07 25.00 Call @ 2.61 - Closed
24-Oct-07 - Buy Back - BTC 1 Nov07 25.00 Call @ -0.06 -
24-Oct-07 - Dollar Cost Averaging - BTO 200 CHS @ 12.66 - Closed
24-Oct-07 - Combined Cost Basis - $5,042.00 300 @ 16.81 -
24-Oct-07 - Interim Trade - STO 3 Dec07 15.00 Call @ 0.39 - Expired
24-Jan-08 - Interim Trade - STO 3 Mar08 10.00 Call @ 0.59 - Expired
25-Mar-08 - Interim Trade - STO 3 May08 10.00 Call @ 0.29 - Closed
28-Apr-08 - Close Option Position - BTC 3 May08 10.00 Call @ -0.06 -
28-Apr-08 - Close Stock Position - STC 3 Closed @ 6.52 -
Covered Call Results
Stock Investment: $5,042.00
Income Generated: $622.50
Net Profit: -$2,465.30
Percent Return: -48.90%
Annualized Return: -56.84%
Duration of Trade: 314 days
Buy & Hold Comparison
Avg. Opening Price: $25.11
Closing Price: $6.51
P/L per Share: -$18.60
Shares: 100
Dividends: $0.00
Net Profit: -$1,860.00
Percent Return: -74.07%
Annualized Return: -86.11%
Duration of Trade: 314 days
Trade History:
19-Jun-07 - Initial Stock Position - BTO 100 CHS @ 25.11 - Closed
19-Jun-07 - Initial Call Option - STO 1 Nov07 25.00 Call @ 2.61 - Closed
24-Oct-07 - Buy Back - BTC 1 Nov07 25.00 Call @ -0.06 -
24-Oct-07 - Dollar Cost Averaging - BTO 200 CHS @ 12.66 - Closed
24-Oct-07 - Combined Cost Basis - $5,042.00 300 @ 16.81 -
24-Oct-07 - Interim Trade - STO 3 Dec07 15.00 Call @ 0.39 - Expired
24-Jan-08 - Interim Trade - STO 3 Mar08 10.00 Call @ 0.59 - Expired
25-Mar-08 - Interim Trade - STO 3 May08 10.00 Call @ 0.29 - Closed
28-Apr-08 - Close Option Position - BTC 3 May08 10.00 Call @ -0.06 -
28-Apr-08 - Close Stock Position - STC 3 Closed @ 6.52 -
Sunday, April 27, 2008
Yield Analysis
Since the primary goal of my covered call portfolio is current income, I developed another spreadsheet to track the Annualized Yield on Cost of each position, consisting of option premiums plus dividends, if any. Some of my older positions don't pay dividends so the yield would come exclusively from option premiums.
My minimum yield goal is 12% annualized, based on the purchase price of the stock. For example, if I bought a stock for $50 and it paid $1.50/share in annual dividends, my Annualized Dividend Yield on Cost would be 3% ($1.50/$50). To meet my goal of 12% Annualized Yield on Cost I'd need a total of $6/share of annual income ($50*12%). So I would need an additional $4.50/share ($6.00-$1.50) in annual option premiums, or 9% Annualized Option Yield on Cost. This comes to about 0.38/share ($4.50/12) of option premium per month.
By analyzing the Annualized Yield on Cost of each position, I'll be able to tell which positions are meeting the minimum requirement of 12% and which positions are not. Used in conjunction with the spreadsheet I developed to identify a fundamental breakdown in the company, I'll be able to make more objective decisions on which positions to keep and which ones to close.
My minimum yield goal is 12% annualized, based on the purchase price of the stock. For example, if I bought a stock for $50 and it paid $1.50/share in annual dividends, my Annualized Dividend Yield on Cost would be 3% ($1.50/$50). To meet my goal of 12% Annualized Yield on Cost I'd need a total of $6/share of annual income ($50*12%). So I would need an additional $4.50/share ($6.00-$1.50) in annual option premiums, or 9% Annualized Option Yield on Cost. This comes to about 0.38/share ($4.50/12) of option premium per month.
By analyzing the Annualized Yield on Cost of each position, I'll be able to tell which positions are meeting the minimum requirement of 12% and which positions are not. Used in conjunction with the spreadsheet I developed to identify a fundamental breakdown in the company, I'll be able to make more objective decisions on which positions to keep and which ones to close.
Friday, April 25, 2008
Identifying Fundamental Breakdowns
This week we had a discussion on the JustCoveredCalls Yahoo Group, and on our weekly PalTalk chat, on whether to manage losing positions or sell them at a loss and reinvest the proceeds into a new position. There are pros and cons to both sides of this argument, and the discussion provided much food for thought.
My position has always been to only sell a stock when there's been a fundamental breakdown in the company, not based on a declining stock price. As a result of this discussion, I decided to refine my strategy in this area. My prior criteria was somewhat subjective, so I decided that I needed a more objective set of criteria. I developed a spreadsheet to identify a fundamental breakdown based on fair value and margin of safety. As you may know, I use Morningstar fair value estimates as a primary criteria for establishing new positions, so my thought here is to track these estimates over the life of each position.
Morningstar periodically reviews each company they cover, for example after each earnings cycle and at other times when either the company fundamentals or macro economic conditions change. During these reviews the fair value may be left unchanged, raised, or lowered. As a value investor, I try to buy, and subsequently hold, a company's stock that's priced at a discount to its fair value, which provides a margin of safety. Therefore, when the fair value is lowered, it also lowers, or possibly eliminates, the margin of safety.
When each position is established, I'll record the original fair value and calculate my original margin of safety based on the initial purchase price. Whenever the fair value is revised, I'll compare the original fair value and margin of safety to the current fair value and margin of safety based on my current cost basis, including dividends and option premiums. I'll use the following criteria to flag positions for further review and possible sale:
1. Companies that have had their fair value lowered. These positions will be reviewed and put on a watch list.
2. Companies were my current cost basis, including dividends and option premiums, is less than 10% below the current fair value. These positions will be reviewed and either be put on probation or sold. If the fair value gets lowered again they will be sold.
3. Companies were my current cost basis, including dividends and option premiums, is 10% above the current fair value. These positions no longer have a margin of safety and will be sold.
Now some may ask why not just close the position as soon as the fair value is lowered. Well, I take a longer term view of the companies I own. Companies may stumble for a quarter or two, sometimes at no fault of their own, especially in a difficult macro economic environment like the one we’re in. So, I give them more time to work things out, especially if they’re paying a dividend and if there's still a decent margin of safety. Every company will go through hard times, but the good ones will recover. This is one reason I've switched to dividend paying stocks that have a history of increasing their dividends. I tend to give these companies the benefit of the doubt and will continue to hold them as long as the dividend is safe.
Hopefully this new review process will be more objective than the one I previously used and allow me to recognize fundamental breakdowns in the companies I own and help in deciding which positions to hold and which positions to sell.
My position has always been to only sell a stock when there's been a fundamental breakdown in the company, not based on a declining stock price. As a result of this discussion, I decided to refine my strategy in this area. My prior criteria was somewhat subjective, so I decided that I needed a more objective set of criteria. I developed a spreadsheet to identify a fundamental breakdown based on fair value and margin of safety. As you may know, I use Morningstar fair value estimates as a primary criteria for establishing new positions, so my thought here is to track these estimates over the life of each position.
Morningstar periodically reviews each company they cover, for example after each earnings cycle and at other times when either the company fundamentals or macro economic conditions change. During these reviews the fair value may be left unchanged, raised, or lowered. As a value investor, I try to buy, and subsequently hold, a company's stock that's priced at a discount to its fair value, which provides a margin of safety. Therefore, when the fair value is lowered, it also lowers, or possibly eliminates, the margin of safety.
When each position is established, I'll record the original fair value and calculate my original margin of safety based on the initial purchase price. Whenever the fair value is revised, I'll compare the original fair value and margin of safety to the current fair value and margin of safety based on my current cost basis, including dividends and option premiums. I'll use the following criteria to flag positions for further review and possible sale:
1. Companies that have had their fair value lowered. These positions will be reviewed and put on a watch list.
2. Companies were my current cost basis, including dividends and option premiums, is less than 10% below the current fair value. These positions will be reviewed and either be put on probation or sold. If the fair value gets lowered again they will be sold.
3. Companies were my current cost basis, including dividends and option premiums, is 10% above the current fair value. These positions no longer have a margin of safety and will be sold.
Now some may ask why not just close the position as soon as the fair value is lowered. Well, I take a longer term view of the companies I own. Companies may stumble for a quarter or two, sometimes at no fault of their own, especially in a difficult macro economic environment like the one we’re in. So, I give them more time to work things out, especially if they’re paying a dividend and if there's still a decent margin of safety. Every company will go through hard times, but the good ones will recover. This is one reason I've switched to dividend paying stocks that have a history of increasing their dividends. I tend to give these companies the benefit of the doubt and will continue to hold them as long as the dividend is safe.
Hopefully this new review process will be more objective than the one I previously used and allow me to recognize fundamental breakdowns in the companies I own and help in deciding which positions to hold and which positions to sell.
AXP - Adjustment
The following adjustment was made today on AXP:
25-Apr-08 - Interim Trade - STO 1 May08 50.00 Call @ 0.30 -
Current Position Summary:
Stock Investment: $5,674.00
Income Generated: $527.00
Percent Income Generated: 9.29%
Annualized Income Generated: 19.94%
Net Profit If Called: -$147.00
Percent Return If Called: -2.59%
Annualized Return If Called: -5.56%
Days Held to Expiration: 170 days
Trade History:
28-Nov-07 - Initial Stock Position - BTO 100 AXP @ 56.74 -
28-Nov-07 - Initial Call Option - STO 1 Dec07 55.00 Call @ 3.21 - Expired
07-Jan-08 - Continued Trade - STO 1 Feb08 55.00 Call @ 0.69 - Expired
08-Feb-08 - Dividend Received - DIV 100 Dividend @ 0.18 -
21-Feb-08 - Interim Trade - STO 1 Apr08 50.00 Call @ 0.89 - Expired
25-Apr-08 - Interim Trade - STO 1 May08 50.00 Call @ 0.30 -
25-Apr-08 - Interim Trade - STO 1 May08 50.00 Call @ 0.30 -
Current Position Summary:
Stock Investment: $5,674.00
Income Generated: $527.00
Percent Income Generated: 9.29%
Annualized Income Generated: 19.94%
Net Profit If Called: -$147.00
Percent Return If Called: -2.59%
Annualized Return If Called: -5.56%
Days Held to Expiration: 170 days
Trade History:
28-Nov-07 - Initial Stock Position - BTO 100 AXP @ 56.74 -
28-Nov-07 - Initial Call Option - STO 1 Dec07 55.00 Call @ 3.21 - Expired
07-Jan-08 - Continued Trade - STO 1 Feb08 55.00 Call @ 0.69 - Expired
08-Feb-08 - Dividend Received - DIV 100 Dividend @ 0.18 -
21-Feb-08 - Interim Trade - STO 1 Apr08 50.00 Call @ 0.89 - Expired
25-Apr-08 - Interim Trade - STO 1 May08 50.00 Call @ 0.30 -
Thursday, April 24, 2008
UPS - Adjustment
The following adjustment was made today on UPS:
24-Apr-08 - Continued Trade - STO 1 Jun08 75.00 Call @ 0.94 -
Current Position Summary:
Stock Investment: $7,193.00
Income Generated: $471.00
Percent Income Generated: 6.55%
Annualized Income Generated: 5.68%
Net Profit If Called: $778.00
Percent Return If Called: 10.82%
Annualized Return If Called: 9.38%
Days to Expiration: 421 days
Trade History:
26-Apr-07 - Initial Stock Position - BTO 100 UPS @ 71.93 - VICC
26-Apr-07 - Continued Trade - STO 1 May07 75.00 Call @ 0.10 - Expired
21-May-07 - Continued Trade - STO 1 Jul07 75.00 Call @ 0.39 - Closed
05-Jun-07 - Dividend Received - DIV 100 Dividend @ 0.42 -
18-Jul-07 - Buy Back & Roll Out/Up - BTC 1 Jul07 75.00 Call @ -0.56 -
18-Jul-07 - Continued Trade - STO 1 Oct07 80.00 Call @ 0.89 -
24-Oct-07 - Continued Trade - STO 1 Dec07 80.00 Call @ 0.35 - Expired
10-Jan-08 - Continued Trade - STO 1 Apr08 75.00 Call @ 1.31 - Expired
04-Mar-08 - Dividend Received - DIV 100 Dividend @ 0.45 -
24-Apr-08 - Continued Trade - STO 1 Jun08 75.00 Call @ 0.94 -
24-Apr-08 - Continued Trade - STO 1 Jun08 75.00 Call @ 0.94 -
Current Position Summary:
Stock Investment: $7,193.00
Income Generated: $471.00
Percent Income Generated: 6.55%
Annualized Income Generated: 5.68%
Net Profit If Called: $778.00
Percent Return If Called: 10.82%
Annualized Return If Called: 9.38%
Days to Expiration: 421 days
Trade History:
26-Apr-07 - Initial Stock Position - BTO 100 UPS @ 71.93 - VICC
26-Apr-07 - Continued Trade - STO 1 May07 75.00 Call @ 0.10 - Expired
21-May-07 - Continued Trade - STO 1 Jul07 75.00 Call @ 0.39 - Closed
05-Jun-07 - Dividend Received - DIV 100 Dividend @ 0.42 -
18-Jul-07 - Buy Back & Roll Out/Up - BTC 1 Jul07 75.00 Call @ -0.56 -
18-Jul-07 - Continued Trade - STO 1 Oct07 80.00 Call @ 0.89 -
24-Oct-07 - Continued Trade - STO 1 Dec07 80.00 Call @ 0.35 - Expired
10-Jan-08 - Continued Trade - STO 1 Apr08 75.00 Call @ 1.31 - Expired
04-Mar-08 - Dividend Received - DIV 100 Dividend @ 0.45 -
24-Apr-08 - Continued Trade - STO 1 Jun08 75.00 Call @ 0.94 -
PFCB - Adjustment
TThe following adjustment was made today on PFCB:
24-Apr-08 - Continued Trade - STO 1 Jun08 35.00 Call @ 0.49 -
Current Position Summary:
Stock Investment: $3,578.00
Income Generated: $513.00
Percent Income Generated: 14.34%
Annualized Income Generated: 17.16%
Net Profit If Called: $435.00
Percent Return If Called: 12.14%
Annualized Return If Called: 14.55%
Days Held to Expiration: 305 days
Trade History:
20-Aug-07 - Initial Stock Position - BTO 100 PFCB @ 35.78 -
20-Aug-07 - Initial Call Option - STO 1 Sep07 35.00 Call @ 2.30 - Expired
24-Sep-07 - Continued Trade - STO 1 Oct07 35.00 Call @ 0.39 - Expired
25-Oct-07 - Continued Trade - STO 1 Jan08 35.00 Call @ 0.22 - Expired
24-Jan-08 - Interim Trade - STO 1 Feb08 30.00 Call @ 0.65 - Expired
21-Feb-08 - Interim Trade - STO 1 Mar08 30.00 Call @ 0.74 - Expired
25-Mar-08 - Continued Trade - STO 1 Apr08 35.00 Call @ 0.34 - Expired
24-Apr-08 - Continued Trade - STO 1 Jun08 35.00 Call @ 0.49 -
24-Apr-08 - Continued Trade - STO 1 Jun08 35.00 Call @ 0.49 -
Current Position Summary:
Stock Investment: $3,578.00
Income Generated: $513.00
Percent Income Generated: 14.34%
Annualized Income Generated: 17.16%
Net Profit If Called: $435.00
Percent Return If Called: 12.14%
Annualized Return If Called: 14.55%
Days Held to Expiration: 305 days
Trade History:
20-Aug-07 - Initial Stock Position - BTO 100 PFCB @ 35.78 -
20-Aug-07 - Initial Call Option - STO 1 Sep07 35.00 Call @ 2.30 - Expired
24-Sep-07 - Continued Trade - STO 1 Oct07 35.00 Call @ 0.39 - Expired
25-Oct-07 - Continued Trade - STO 1 Jan08 35.00 Call @ 0.22 - Expired
24-Jan-08 - Interim Trade - STO 1 Feb08 30.00 Call @ 0.65 - Expired
21-Feb-08 - Interim Trade - STO 1 Mar08 30.00 Call @ 0.74 - Expired
25-Mar-08 - Continued Trade - STO 1 Apr08 35.00 Call @ 0.34 - Expired
24-Apr-08 - Continued Trade - STO 1 Jun08 35.00 Call @ 0.49 -
MDT - Adjustment
The following adjustment was made today on MDT:
24-Apr-08 - Continued Trade - STO 1 Jun08 52.50 Call @ 0.64 -
Current Position Summary:
Stock Investment: $5,272.00
Income Generated: $429.50
Percent Income Generated: 8.15%
Annualized Income Generated: 7.01%
Net Profit If Called: $407.50
Percent Return If Called: 7.73%
Annualized Return If Called: 6.65%
Days Held to Expiration: 424 days
Trade History:
23-Apr-07 - Initial Stock Position - BTO 100 MDT @ 52.72 -
23-Apr-07 - Continued Trade - STO 1 May07 55.00 Call @ 0.19 - Expired
21-May-07 - Continued Trade - STO 1 Jun07 52.50 Call @ 0.59 - Closed
15-Jun-07 - Buy Back & Roll Out/Up - BTC 1 Jun07 52.50 Call @ -0.06
15-Jun-07 - Initial Call Option - STO 1 Jul07 55.00 Call @ 0.49 - Expired
25-Jul-07 - Continued Trade - STO 1 Sep07 55.00 Call @ 0.63 - Closed
27-Jul-07 - Dividend Received - DIV 100 Dividend @ 0.13
21-Sep-07 - Buy Back & Roll Out/Up - BTC 1 Sep07 55.00 Call @ -1.46
21-Sep-07 - Continued Trade - STO 1 Nov07 57.50 Call @ 1.39 - Closed
24-Oct-07 - Buy Back & Roll Down - BTC 1 Nov07 57.50 Call @ -0.06 -
24-Oct-07 - Continued Trade - STO 1 Dec07 52.50 Call @ 0.39 - Expired
26-Oct-07 - Dividend Received - DIV 100 Dividend @ 0.13 -
10-Jan-08 - Continued Trade - STO 1 Feb08 52.50 Call @ 0.79 - Expired
25-Jan-08 - Dividend Received - DIV 100 Dividend @ 0.13 -
21-Feb-08 - Continued Trade - STO 1 Apr08 52.50 Call @ 0.39 - Expired
24-Apr-08 - Continued Trade - STO 1 Jun08 52.50 Call @ 0.64 -
24-Apr-08 - Continued Trade - STO 1 Jun08 52.50 Call @ 0.64 -
Current Position Summary:
Stock Investment: $5,272.00
Income Generated: $429.50
Percent Income Generated: 8.15%
Annualized Income Generated: 7.01%
Net Profit If Called: $407.50
Percent Return If Called: 7.73%
Annualized Return If Called: 6.65%
Days Held to Expiration: 424 days
Trade History:
23-Apr-07 - Initial Stock Position - BTO 100 MDT @ 52.72 -
23-Apr-07 - Continued Trade - STO 1 May07 55.00 Call @ 0.19 - Expired
21-May-07 - Continued Trade - STO 1 Jun07 52.50 Call @ 0.59 - Closed
15-Jun-07 - Buy Back & Roll Out/Up - BTC 1 Jun07 52.50 Call @ -0.06
15-Jun-07 - Initial Call Option - STO 1 Jul07 55.00 Call @ 0.49 - Expired
25-Jul-07 - Continued Trade - STO 1 Sep07 55.00 Call @ 0.63 - Closed
27-Jul-07 - Dividend Received - DIV 100 Dividend @ 0.13
21-Sep-07 - Buy Back & Roll Out/Up - BTC 1 Sep07 55.00 Call @ -1.46
21-Sep-07 - Continued Trade - STO 1 Nov07 57.50 Call @ 1.39 - Closed
24-Oct-07 - Buy Back & Roll Down - BTC 1 Nov07 57.50 Call @ -0.06 -
24-Oct-07 - Continued Trade - STO 1 Dec07 52.50 Call @ 0.39 - Expired
26-Oct-07 - Dividend Received - DIV 100 Dividend @ 0.13 -
10-Jan-08 - Continued Trade - STO 1 Feb08 52.50 Call @ 0.79 - Expired
25-Jan-08 - Dividend Received - DIV 100 Dividend @ 0.13 -
21-Feb-08 - Continued Trade - STO 1 Apr08 52.50 Call @ 0.39 - Expired
24-Apr-08 - Continued Trade - STO 1 Jun08 52.50 Call @ 0.64 -
CRI - Adjustment
The following adjustment was made today on CRI:
24-Apr-08 - Dollar Cost Averaging - BTO 100 CRI @ 13.95 -
24-Apr-08 - Combined Cost Basis - $4,049.00 200 @ 20.25 -
24-Apr-08 - Interim Trade - STO 2 Sep08 17.50 Call @ 0.64 -
Current Position Summary:
Stock Investment: $4,049.00
Income Generated: $569.60
Percent Income Generated: 14.07%
Annualized Income Generated: 11.21%
Net Profit If Called: $20.60
Percent Return If Called: 0.51%
Annualized Return If Called: 0.41%
Days Held to Expiration: 458 days
Trade History:
19-Jun-07 - Initial Stock Position - BTO 100 CRI @ 26.54 -
19-Jun-07 - Initial Call Option - STO 1 Sep07 25.00 Call @ 2.99 - Expired
24-Sep-07 - Interim Trade - STO 1 Dec07 22.50 Call @ 0.69 - Expired
14-Jan-08 - Interim Trade - STO 1 Mar08 20.00 Call @ 0.49 - Expired
25-Mar-08 - Interim Trade - STO 1 Apr08 17.50 Call @ 0.24 - Expired
24-Apr-08 - Dollar Cost Averaging - BTO 100 CRI @ 13.95 -
24-Apr-08 - Combined Cost Basis - $4,049.00 200 @ 20.25 -
24-Apr-08 - Interim Trade - STO 2 Sep08 17.50 Call @ 0.64 -
24-Apr-08 - Dollar Cost Averaging - BTO 100 CRI @ 13.95 -
24-Apr-08 - Combined Cost Basis - $4,049.00 200 @ 20.25 -
24-Apr-08 - Interim Trade - STO 2 Sep08 17.50 Call @ 0.64 -
Current Position Summary:
Stock Investment: $4,049.00
Income Generated: $569.60
Percent Income Generated: 14.07%
Annualized Income Generated: 11.21%
Net Profit If Called: $20.60
Percent Return If Called: 0.51%
Annualized Return If Called: 0.41%
Days Held to Expiration: 458 days
Trade History:
19-Jun-07 - Initial Stock Position - BTO 100 CRI @ 26.54 -
19-Jun-07 - Initial Call Option - STO 1 Sep07 25.00 Call @ 2.99 - Expired
24-Sep-07 - Interim Trade - STO 1 Dec07 22.50 Call @ 0.69 - Expired
14-Jan-08 - Interim Trade - STO 1 Mar08 20.00 Call @ 0.49 - Expired
25-Mar-08 - Interim Trade - STO 1 Apr08 17.50 Call @ 0.24 - Expired
24-Apr-08 - Dollar Cost Averaging - BTO 100 CRI @ 13.95 -
24-Apr-08 - Combined Cost Basis - $4,049.00 200 @ 20.25 -
24-Apr-08 - Interim Trade - STO 2 Sep08 17.50 Call @ 0.64 -
Wednesday, April 23, 2008
WGO - Adjustment
The following adjustment was made today on WGO:
23-Apr-08 - Continued Trade - STO 2 Jul08 17.50 Call @ 0.49 -
Current Position Summary:
Stock Investment: $6,455.00
Income Generated: $1,534.60
Percent Income Generated: 23.77%
Annualized Income Generated: 7.92%
Net Profit If Called: -$1,420.40
Percent Return If Called: -22.00%
Annualized Return If Called: -7.33%
Days Held to Expiration: 1095 days
Trade History:
19-Jul-05 - Initial Stock Position - BTO 100 WGO @ 34.92 -
19-Jul-05 - Initial Call Option - STO 1 Aug05 35.00 Call @ 1.09 - Expired
22-Aug-05 - Continued Trade - STO 1 Sep05 35.00 Call @ 0.44 - Closed
01-Sep-05 - Buy Back & Roll Out - BTC 1 Sep05 35.00 Call @ -0.06 -
19-Sep-05 - Continued Trade - STO 1 Nov05 35.00 Call @ 0.34 - Closed
03-Oct-05 - Dividend Received - DIV 100 Dividend @ 0.09 -
21-Oct-05 - Buy Back & Roll Down - BTC 1 Nov05 35.00 Call @ -0.06 -
24-Oct-05 - Interim Trade - STO 1 Nov05 30.00 Call @ 0.24 - Closed
14-Nov-05 - Buy Back & Roll Up - BTC 1 Nov05 30.00 Call @ -2.66 -
21-Nov-05 - Continued Trade - STO 1 Jan06 35.00 Call @ 0.99 - Expired
09-Jan-06 - Dividend Received - DIV 100 Dividend @ 0.09 -
23-Jan-06 - Continued Trade - STO 1 Mar06 35.00 Call @ 0.44 - Expired
20-Mar-06 - Dollar Cost Averaging - BTO 100 WGO @ 29.63 -
20-Mar-06 - Combined Cost Basis - $6,455.00 200 @ 32.28 -
20-Mar-06 - Continued Trade - STO 2 Jul05 35.00 Call @ 0.69 - Expired
03-Apr-06 - Dividend Received - DIV 100 Dividend @ 0.09 -
10-Jul-06 - Dividend Received - DIV 200 Dividend @ 0.09 -
24-Jul-06 - Continued Trade - STO 2 Jan07 35.00 Call @ 1.39 - Closed
09-Oct-06 - Dividend Received - DIV 200 Dividend @ 0.10 -
22-Dec-06 - Buy Back & Roll Out - BTC 2 Jan07 35.00 Call @ -0.16 -
22-Dec-06 - Continued Trade - STO 2 Apr07 35.00 Call @ 1.19 - Expired
08-Jan-07 - Dividend Received - DIV 200 Dividend @ 0.10 -
09-Apr-07 - Dividend Received - DIV 200 Dividend @ 0.10 -
23-Apr-07 - Continued Trade - STO 2 May07 35.00 Call @ 0.54 - Expired
21-May-07 - Continued Trade - STO 2 Jun07 35.00 Call @ 0.09 - Expired
19-Jun-07 - Continued Trade - STO 2 Jan08 35.00 Call @ 0.94 - Expired
09-Jul-07 - Dividend Received - DIV 200 Dividend @ 0.10 -
08-Oct-07 - Dividend Received - DIV 200 Dividend @ 0.12 -
24-Jan-08 - Interim Trade - STO 2 Feb08 22.50 Call @ 0.44 - Expired
21-Feb-08 - Interim Trade - STO 2 Apr08 22.50 Call @ 0.79 - Expired
07-Apr-08 - Dividend Received - DIV 200 Dividend @ 0.12 -
23-Apr-08 - Continued Trade - STO 2 Jul08 17.50 Call @ 0.49 -
23-Apr-08 - Continued Trade - STO 2 Jul08 17.50 Call @ 0.49 -
Current Position Summary:
Stock Investment: $6,455.00
Income Generated: $1,534.60
Percent Income Generated: 23.77%
Annualized Income Generated: 7.92%
Net Profit If Called: -$1,420.40
Percent Return If Called: -22.00%
Annualized Return If Called: -7.33%
Days Held to Expiration: 1095 days
Trade History:
19-Jul-05 - Initial Stock Position - BTO 100 WGO @ 34.92 -
19-Jul-05 - Initial Call Option - STO 1 Aug05 35.00 Call @ 1.09 - Expired
22-Aug-05 - Continued Trade - STO 1 Sep05 35.00 Call @ 0.44 - Closed
01-Sep-05 - Buy Back & Roll Out - BTC 1 Sep05 35.00 Call @ -0.06 -
19-Sep-05 - Continued Trade - STO 1 Nov05 35.00 Call @ 0.34 - Closed
03-Oct-05 - Dividend Received - DIV 100 Dividend @ 0.09 -
21-Oct-05 - Buy Back & Roll Down - BTC 1 Nov05 35.00 Call @ -0.06 -
24-Oct-05 - Interim Trade - STO 1 Nov05 30.00 Call @ 0.24 - Closed
14-Nov-05 - Buy Back & Roll Up - BTC 1 Nov05 30.00 Call @ -2.66 -
21-Nov-05 - Continued Trade - STO 1 Jan06 35.00 Call @ 0.99 - Expired
09-Jan-06 - Dividend Received - DIV 100 Dividend @ 0.09 -
23-Jan-06 - Continued Trade - STO 1 Mar06 35.00 Call @ 0.44 - Expired
20-Mar-06 - Dollar Cost Averaging - BTO 100 WGO @ 29.63 -
20-Mar-06 - Combined Cost Basis - $6,455.00 200 @ 32.28 -
20-Mar-06 - Continued Trade - STO 2 Jul05 35.00 Call @ 0.69 - Expired
03-Apr-06 - Dividend Received - DIV 100 Dividend @ 0.09 -
10-Jul-06 - Dividend Received - DIV 200 Dividend @ 0.09 -
24-Jul-06 - Continued Trade - STO 2 Jan07 35.00 Call @ 1.39 - Closed
09-Oct-06 - Dividend Received - DIV 200 Dividend @ 0.10 -
22-Dec-06 - Buy Back & Roll Out - BTC 2 Jan07 35.00 Call @ -0.16 -
22-Dec-06 - Continued Trade - STO 2 Apr07 35.00 Call @ 1.19 - Expired
08-Jan-07 - Dividend Received - DIV 200 Dividend @ 0.10 -
09-Apr-07 - Dividend Received - DIV 200 Dividend @ 0.10 -
23-Apr-07 - Continued Trade - STO 2 May07 35.00 Call @ 0.54 - Expired
21-May-07 - Continued Trade - STO 2 Jun07 35.00 Call @ 0.09 - Expired
19-Jun-07 - Continued Trade - STO 2 Jan08 35.00 Call @ 0.94 - Expired
09-Jul-07 - Dividend Received - DIV 200 Dividend @ 0.10 -
08-Oct-07 - Dividend Received - DIV 200 Dividend @ 0.12 -
24-Jan-08 - Interim Trade - STO 2 Feb08 22.50 Call @ 0.44 - Expired
21-Feb-08 - Interim Trade - STO 2 Apr08 22.50 Call @ 0.79 - Expired
07-Apr-08 - Dividend Received - DIV 200 Dividend @ 0.12 -
23-Apr-08 - Continued Trade - STO 2 Jul08 17.50 Call @ 0.49 -
TGT - Adjustment
The following adjustment was made today on TGT:
23-Apr-08 - Continued Trade - STO 1 May08 55.00 Call @ 0.62 -
Current Position Summary:
Stock Investment: $5,937.00
Income Generated: $1,001.00
Percent Income Generated: 16.86%
Annualized Income Generated: 36.20%
Net Profit If Called: $564.00
Percent Return If Called: 9.50%
Annualized Return If Called: 20.40%
Days Held to Expiration: 170 days
Trade History:
28-Nov-07 - Initial Stock Position - BTO 100 TGT @ 59.37 -
28-Nov-07 - Initial Call Option - STO 1 Dec07 55.00 Call @ 5.66 - Expired
07-Jan-08 - Continued Trade - STO 1 Feb07 55.00 Call @ 0.84 - Expired
21-Feb-08 - Continued Trade - STO 1 Mar08 55.00 Call @ 1.44 - Expired
10-Mar-08 - Dividend Received - DIV 100 Dividend @ 0.14 -
25-Mar-08 - Continued Trade - STO 1 Apr08 55.00 Call @ 1.31 - Expired
23-Apr-08 - Continued Trade - STO 1 May08 55.00 Call @ 0.62 -
23-Apr-08 - Continued Trade - STO 1 May08 55.00 Call @ 0.62 -
Current Position Summary:
Stock Investment: $5,937.00
Income Generated: $1,001.00
Percent Income Generated: 16.86%
Annualized Income Generated: 36.20%
Net Profit If Called: $564.00
Percent Return If Called: 9.50%
Annualized Return If Called: 20.40%
Days Held to Expiration: 170 days
Trade History:
28-Nov-07 - Initial Stock Position - BTO 100 TGT @ 59.37 -
28-Nov-07 - Initial Call Option - STO 1 Dec07 55.00 Call @ 5.66 - Expired
07-Jan-08 - Continued Trade - STO 1 Feb07 55.00 Call @ 0.84 - Expired
21-Feb-08 - Continued Trade - STO 1 Mar08 55.00 Call @ 1.44 - Expired
10-Mar-08 - Dividend Received - DIV 100 Dividend @ 0.14 -
25-Mar-08 - Continued Trade - STO 1 Apr08 55.00 Call @ 1.31 - Expired
23-Apr-08 - Continued Trade - STO 1 May08 55.00 Call @ 0.62 -
LM - Adjustment
The following adjustment was made today on LM:
23-Apr-08 - Interim Trade - STO 1 May08 65.00 Call @ 0.39 -
Current Position Summary:
Stock Investment: $9,109.00
Income Generated: $1,154.00
Percent Income Generated: 12.67%
Annualized Income Generated: 15.73%
Net Profit If Called: -$1,455.00
Percent Return If Called: -15.97%
Annualized Return If Called: -19.83%
Days Held to Expiration: 294 days
Trade History:
27-Jul-07 - Initial Stock Position - BTO 100 LM @ 91.09 -
27-Jul-07 - Initial Call Option - STO 1 Aug07 90.00 Call @ 3.49 - Expired
20-Aug-07 - Continued Trade - STO 1 Sep07 90.00 Call @ 2.09 - Expired
24-Sep-07 - Continued Trade - STO 1 Oct07 90.00 Call @ 0.47 - Expired
15-Oct-07 - Dividend Received - DIV 100 Dividend @ 0.24 -
25-Oct-07 - Continued Trade - STO 1 Dec07 85.00 Call @ 2.09 - Expired
31-Dec-07 - Dividend Received - DIV 100 Dividend @ 0.24 -
07-Jan-08 - Interim Trade - STO 1 Feb08 80.00 Call @ 0.97 - Expired
21-Feb-08 - Interim Trade - STO 1 Mar08 75.00 Call @ 0.64 - Expired
25-Mar-08 - Interim Trade - STO 1 Apr08 65.00 Call @ 0.68 - Expired
07-Apr-08 - Dividend Received - DIV 100 Dividend @ 0.24 -
23-Apr-08 - Interim Trade - STO 1 May08 65.00 Call @ 0.39 -
23-Apr-08 - Interim Trade - STO 1 May08 65.00 Call @ 0.39 -
Current Position Summary:
Stock Investment: $9,109.00
Income Generated: $1,154.00
Percent Income Generated: 12.67%
Annualized Income Generated: 15.73%
Net Profit If Called: -$1,455.00
Percent Return If Called: -15.97%
Annualized Return If Called: -19.83%
Days Held to Expiration: 294 days
Trade History:
27-Jul-07 - Initial Stock Position - BTO 100 LM @ 91.09 -
27-Jul-07 - Initial Call Option - STO 1 Aug07 90.00 Call @ 3.49 - Expired
20-Aug-07 - Continued Trade - STO 1 Sep07 90.00 Call @ 2.09 - Expired
24-Sep-07 - Continued Trade - STO 1 Oct07 90.00 Call @ 0.47 - Expired
15-Oct-07 - Dividend Received - DIV 100 Dividend @ 0.24 -
25-Oct-07 - Continued Trade - STO 1 Dec07 85.00 Call @ 2.09 - Expired
31-Dec-07 - Dividend Received - DIV 100 Dividend @ 0.24 -
07-Jan-08 - Interim Trade - STO 1 Feb08 80.00 Call @ 0.97 - Expired
21-Feb-08 - Interim Trade - STO 1 Mar08 75.00 Call @ 0.64 - Expired
25-Mar-08 - Interim Trade - STO 1 Apr08 65.00 Call @ 0.68 - Expired
07-Apr-08 - Dividend Received - DIV 100 Dividend @ 0.24 -
23-Apr-08 - Interim Trade - STO 1 May08 65.00 Call @ 0.39 -
KSS - Adjustment
The following adjustment was made today on KSS:
23-Apr-08 - Continued Trade - STO 1 May08 50.00 Call @ 0.81 -
Current Position Summary:
Stock Investment: $5,690.00
Income Generated: $993.00
Percent Income Generated: 17.45%
Annualized Income Generated: 27.46%
Net Profit If Called: $303.00
Percent Return If Called: 5.33%
Annualized Return If Called: 8.38%
Days to Expiration: 232 days
Trade History:
27-Sep-07 - Initial Stock Position - BTO 100 KSS @ 56.90 -
27-Sep-07 - Initial Call Option - STO 1 Oct07 55.00 Call @ 3.20 - Expired
22-Oct-07 - Continued Trade - STO 1 Nov07 55.00 Call @ 3.19 - Expired
20-Nov-07 - Continued Trade - STO 1 Dec07 50.00 Call @ 1.74 - Expired
10-Jan-08 - Continued Trade - STO 1 Apr08 50.00 Call @ 0.99 - Expired
23-Apr-08 - Continued Trade - STO 1 May08 50.00 Call @ 0.81 -
23-Apr-08 - Continued Trade - STO 1 May08 50.00 Call @ 0.81 -
Current Position Summary:
Stock Investment: $5,690.00
Income Generated: $993.00
Percent Income Generated: 17.45%
Annualized Income Generated: 27.46%
Net Profit If Called: $303.00
Percent Return If Called: 5.33%
Annualized Return If Called: 8.38%
Days to Expiration: 232 days
Trade History:
27-Sep-07 - Initial Stock Position - BTO 100 KSS @ 56.90 -
27-Sep-07 - Initial Call Option - STO 1 Oct07 55.00 Call @ 3.20 - Expired
22-Oct-07 - Continued Trade - STO 1 Nov07 55.00 Call @ 3.19 - Expired
20-Nov-07 - Continued Trade - STO 1 Dec07 50.00 Call @ 1.74 - Expired
10-Jan-08 - Continued Trade - STO 1 Apr08 50.00 Call @ 0.99 - Expired
23-Apr-08 - Continued Trade - STO 1 May08 50.00 Call @ 0.81 -
EXP - Adjustment
The following adjustment was made today on EXP:
23-Apr-08 - Interim Trade - STO 2 Jul08 40.00 Call @ 0.99 -
Current Position Summary:
Stock Investment: $10,854.00
Income Generated: $2,165.15
Percent Income Generated: 19.94%
Annualized Income Generated: 8.92%
Net Profit If Called: -$690.85
Percent Return If Called: -6.36%
Annualized Return If Called: -2.85%
Days to Expiration: 816 days
Trade History:
24-Apr-06 - Initial Stock Position - BTO 100 EXP @ 70.60 -
24-Apr-06 - Initial Call Option - STO 1 May06 65.00 Call @ 8.29 - Expired
22-May-06 - Continued Trade - STO 1 Oct06 60.00 Call @ 2.39 -
20-Jul-06 - Dividend Received - DIV 100 Dividend @ 0.18 -
25-Jul-06 - Buy Back & Roll Out/Down - BTC 1 Oct06 60.00 Call @ -0.21 - Closed
25-Jul-06 - Interim Trade - STO 1 Jan07 50.00 Call @ 2.19 - Closed
23-Oct-06 - Buy Back & Roll Down - BTC 1 Jan07 50.00 Call @ -0.26 -
23-Oct-06 - Interim Trade - STO 1 Jan07 40.00 Call @ 1.34 - Closed
02-Nov-06 - Dividend Received - DIV 100 Dividend @ 0.18 -
19-Dec-06 - Buy Back & Roll Out/Up - BTC 1 Jan07 40.00 Call @ -3.41 -
19-Dec-06 - Interim Trade - STO 1 Jul07 45.00 Call @ 4.39 - Closed
05-Jul-07 - Buy Back & Roll Out/Up - BTC 1 Jul07 45.00 Call @ -5.41 -
05-Jul-07 - Interim Trade - STO 1 Jan08 55.00 Call @ 3.29 - Closed
20-Jul-07 - Dividend Received - DIV 100 Dividend @ 0.20 -
24-Oct-07 - Buy Back & Roll Down - BTC 1 Jan08 55.00 Call @ -0.16 -
24-Oct-07 - Dollar Cost Averaging - BTO 100 EXP @ 37.94 -
24-Oct-07 - Combined Cost Basis - $10,856.00 200 @ 54.28 -
24-Oct-07 - Interim Trade - STO 2 Jan08 45.00 Call @ 0.69 - Expired
05-Nov-07 - Dividend Received - DIV 100 Dividend @ 0.20 -
24-Jan-08 - Interim Trade - STO 2 Feb08 35.00 Call @ 1.29 - Expired
21-Feb-08 - Interim Trade - STO 2 Apr08 40.00 Call @ 0.84 - Expired
18-Apr-08 - Dividend Received - DIV 200 Dividend @ 0.20 -
23-Apr-08 - Interim Trade - STO 2 Jul08 40.00 Call @ 0.99 -
23-Apr-08 - Interim Trade - STO 2 Jul08 40.00 Call @ 0.99 -
Current Position Summary:
Stock Investment: $10,854.00
Income Generated: $2,165.15
Percent Income Generated: 19.94%
Annualized Income Generated: 8.92%
Net Profit If Called: -$690.85
Percent Return If Called: -6.36%
Annualized Return If Called: -2.85%
Days to Expiration: 816 days
Trade History:
24-Apr-06 - Initial Stock Position - BTO 100 EXP @ 70.60 -
24-Apr-06 - Initial Call Option - STO 1 May06 65.00 Call @ 8.29 - Expired
22-May-06 - Continued Trade - STO 1 Oct06 60.00 Call @ 2.39 -
20-Jul-06 - Dividend Received - DIV 100 Dividend @ 0.18 -
25-Jul-06 - Buy Back & Roll Out/Down - BTC 1 Oct06 60.00 Call @ -0.21 - Closed
25-Jul-06 - Interim Trade - STO 1 Jan07 50.00 Call @ 2.19 - Closed
23-Oct-06 - Buy Back & Roll Down - BTC 1 Jan07 50.00 Call @ -0.26 -
23-Oct-06 - Interim Trade - STO 1 Jan07 40.00 Call @ 1.34 - Closed
02-Nov-06 - Dividend Received - DIV 100 Dividend @ 0.18 -
19-Dec-06 - Buy Back & Roll Out/Up - BTC 1 Jan07 40.00 Call @ -3.41 -
19-Dec-06 - Interim Trade - STO 1 Jul07 45.00 Call @ 4.39 - Closed
05-Jul-07 - Buy Back & Roll Out/Up - BTC 1 Jul07 45.00 Call @ -5.41 -
05-Jul-07 - Interim Trade - STO 1 Jan08 55.00 Call @ 3.29 - Closed
20-Jul-07 - Dividend Received - DIV 100 Dividend @ 0.20 -
24-Oct-07 - Buy Back & Roll Down - BTC 1 Jan08 55.00 Call @ -0.16 -
24-Oct-07 - Dollar Cost Averaging - BTO 100 EXP @ 37.94 -
24-Oct-07 - Combined Cost Basis - $10,856.00 200 @ 54.28 -
24-Oct-07 - Interim Trade - STO 2 Jan08 45.00 Call @ 0.69 - Expired
05-Nov-07 - Dividend Received - DIV 100 Dividend @ 0.20 -
24-Jan-08 - Interim Trade - STO 2 Feb08 35.00 Call @ 1.29 - Expired
21-Feb-08 - Interim Trade - STO 2 Apr08 40.00 Call @ 0.84 - Expired
18-Apr-08 - Dividend Received - DIV 200 Dividend @ 0.20 -
23-Apr-08 - Interim Trade - STO 2 Jul08 40.00 Call @ 0.99 -
BBT - Adjustment
The following adjustment was made today on BBT:
23-Apr-08 - Continued Trade - STO 1 May08 35.00 Call @ 0.67 -
Current Position Summary:
Stock Investment: $3,526.00
Income Generated: $281.00
Percent Income Generated: 7.97%
Annualized Income Generated: 55.94%
Net Profit If Called: $255.00
Percent Return If Called: 7.23%
Annualized Return If Called: 50.76%
Days Held to Expiration: 52 days
Trade History:
25-Mar-08 - Initial Stock Position - BTO 100 BBT @ 35.26 -
25-Mar-08 - Initial Call Option - STO 1 Apr08 35.00 Call @ 1.68 - Expired
01-May-08 - Dividend Received - DIV 100 Dividend @ 0.46 -
23-Apr-08 - Continued Trade - STO 1 May08 35.00 Call @ 0.67 -
23-Apr-08 - Continued Trade - STO 1 May08 35.00 Call @ 0.67 -
Current Position Summary:
Stock Investment: $3,526.00
Income Generated: $281.00
Percent Income Generated: 7.97%
Annualized Income Generated: 55.94%
Net Profit If Called: $255.00
Percent Return If Called: 7.23%
Annualized Return If Called: 50.76%
Days Held to Expiration: 52 days
Trade History:
25-Mar-08 - Initial Stock Position - BTO 100 BBT @ 35.26 -
25-Mar-08 - Initial Call Option - STO 1 Apr08 35.00 Call @ 1.68 - Expired
01-May-08 - Dividend Received - DIV 100 Dividend @ 0.46 -
23-Apr-08 - Continued Trade - STO 1 May08 35.00 Call @ 0.67 -
ABT - Adjustment
The following adjustment was made today on ABT:
23-Apr-08 - Continued Trade - STO 1 Jun08 55.00 Call @ 0.44 -
Current Position Summary:
Stock Investment: $5.484.00
Income Generated: $221.00
Percent Income Generated: 4.03%
Annualized Income Generated: 16.91%
Net Profit If Called: $237.00
Percent Return If Called: 4.32%
Annualized Return If Called: 18.13%
Days Held to Expiration: 87 days
Trade History:
25-Mar-08 - Initial Stock Position - BTO 100 ABT @ 54.84 -
25-Mar-08 - Initial Call Option - STO 1 Apr08 55.00 Call @ 1.41 - Expired
15-May-08 - Dividend Received - DIV 100 Dividend @ 0.36 -
23-Apr-08 - Continued Trade - STO 1 Jun08 55.00 Call @ 0.44 -
23-Apr-08 - Continued Trade - STO 1 Jun08 55.00 Call @ 0.44 -
Current Position Summary:
Stock Investment: $5.484.00
Income Generated: $221.00
Percent Income Generated: 4.03%
Annualized Income Generated: 16.91%
Net Profit If Called: $237.00
Percent Return If Called: 4.32%
Annualized Return If Called: 18.13%
Days Held to Expiration: 87 days
Trade History:
25-Mar-08 - Initial Stock Position - BTO 100 ABT @ 54.84 -
25-Mar-08 - Initial Call Option - STO 1 Apr08 55.00 Call @ 1.41 - Expired
15-May-08 - Dividend Received - DIV 100 Dividend @ 0.36 -
23-Apr-08 - Continued Trade - STO 1 Jun08 55.00 Call @ 0.44 -
Sunday, April 20, 2008
KEY - Closed
The KEY Apr08 22.50 Call was exercised on Fri and the stock was called away for a profit. The following is the trade history and returns, including IB commissions.
Covered Call Results
Stock Investment: $4,609.00
Income Generated: $415.60
Net Profit: $306.60
Percent Return: 6.65%
Annualized Return: 43.36%
Duration of Trade: 56 days
Buy & Hold Comparison
Opening Price: $23.05
Closing Price: $24.67
P/L per Share: $1.62
Shares: 200
Dividends: $75.00
Net Profit: $399.00
Percent Return: 8.66%
Annualized Return: 56.41%
Duration of Trade: 56 days
Trade History:
22-Feb-08 - Initial Stock Position - BTO 200 KEY @ 23.05 -
22-Feb-08 - Initial Call Option - STO 2 Apr08 22.50 Call @ 1.70 - Exercised
14-Mar-08 - Dividend Received - DIV 200 Dividend @ 0.38 -
18-Apr-08 - Option Exercised - EX 2 Apr08 22.50 Call @ 22.50 -
Covered Call Results
Stock Investment: $4,609.00
Income Generated: $415.60
Net Profit: $306.60
Percent Return: 6.65%
Annualized Return: 43.36%
Duration of Trade: 56 days
Buy & Hold Comparison
Opening Price: $23.05
Closing Price: $24.67
P/L per Share: $1.62
Shares: 200
Dividends: $75.00
Net Profit: $399.00
Percent Return: 8.66%
Annualized Return: 56.41%
Duration of Trade: 56 days
Trade History:
22-Feb-08 - Initial Stock Position - BTO 200 KEY @ 23.05 -
22-Feb-08 - Initial Call Option - STO 2 Apr08 22.50 Call @ 1.70 - Exercised
14-Mar-08 - Dividend Received - DIV 200 Dividend @ 0.38 -
18-Apr-08 - Option Exercised - EX 2 Apr08 22.50 Call @ 22.50 -
EXBD - Closed
The EXBD Apr08 40.00 Call was exercised on Fri and the stock was called away for a profit. The following is the trade history and returns, including IB commissions.
Covered Call Results
Stock Investment: $4,145.00
Income Generated: $339.00
Net Profit: $194.00
Percent Return: 4.68%
Annualized Return: 30.51%
Duration of Trade: 56 days
Buy & Hold Comparison
Opening Price: $41.45
Closing Price: $40.08
P/L per Share: -$1.37
Shares: 100
Dividends: $44.00
Net Profit: -$93.00
Percent Return: -2.24%
Annualized Return: -14.62%
Duration of Trade: 56 days
Trade History:
22-Feb-08 - Initial Stock Position - BTO 100 EXBD @ 41.45 -
22-Feb-08 - Initial Call Option - STO 1 Apr08 40.00 Call @ 2.95 - Exercised
31-Mar-08 - Dividend Received - DIV 100 Dividend @ 0.44 -
18-Apr-08 - Option Exercised - EX 1 Apr08 40.00 Call @ 40.00 -
Covered Call Results
Stock Investment: $4,145.00
Income Generated: $339.00
Net Profit: $194.00
Percent Return: 4.68%
Annualized Return: 30.51%
Duration of Trade: 56 days
Buy & Hold Comparison
Opening Price: $41.45
Closing Price: $40.08
P/L per Share: -$1.37
Shares: 100
Dividends: $44.00
Net Profit: -$93.00
Percent Return: -2.24%
Annualized Return: -14.62%
Duration of Trade: 56 days
Trade History:
22-Feb-08 - Initial Stock Position - BTO 100 EXBD @ 41.45 -
22-Feb-08 - Initial Call Option - STO 1 Apr08 40.00 Call @ 2.95 - Exercised
31-Mar-08 - Dividend Received - DIV 100 Dividend @ 0.44 -
18-Apr-08 - Option Exercised - EX 1 Apr08 40.00 Call @ 40.00 -
ADP - Closed
The ADP Apr08 40.00 Call was exercised on Fri and the stock was called away for a profit. The following is the trade history and returns, including IB commissions.
Covered Call Results
Stock Investment: $4,011.00
Income Generated: $161.00
Net Profit: $150.00
Percent Return: 3.74%
Annualized Return: 24.37%
Duration of Trade: 56 days
Buy & Hold Comparison
Opening Price: $40.11
Closing Price: $43.81
P/L per Share: $3.70
Shares: 100
Dividends: $29.00
Net Profit: $399.00
Percent Return: 9.95%
Annualized Return: 64.84%
Duration of Trade: 56 days
Trade History:
22-Feb-08 - Initial Stock Position - BTO 100 ADP @ 40.11 -
22-Feb-08 - Initial Call Option - STO 1 Apr08 40.00 Call @ 1.32 - Exercised
01-Apr-08 - Dividend Received - DIV 100 Dividend @ 0.29 -
18-Apr-08 - Option Exercised - EX 1 Apr08 40.00 Call @ 40.00 -
Covered Call Results
Stock Investment: $4,011.00
Income Generated: $161.00
Net Profit: $150.00
Percent Return: 3.74%
Annualized Return: 24.37%
Duration of Trade: 56 days
Buy & Hold Comparison
Opening Price: $40.11
Closing Price: $43.81
P/L per Share: $3.70
Shares: 100
Dividends: $29.00
Net Profit: $399.00
Percent Return: 9.95%
Annualized Return: 64.84%
Duration of Trade: 56 days
Trade History:
22-Feb-08 - Initial Stock Position - BTO 100 ADP @ 40.11 -
22-Feb-08 - Initial Call Option - STO 1 Apr08 40.00 Call @ 1.32 - Exercised
01-Apr-08 - Dividend Received - DIV 100 Dividend @ 0.29 -
18-Apr-08 - Option Exercised - EX 1 Apr08 40.00 Call @ 40.00 -
Saturday, April 19, 2008
DIA-DXD - Adjustment
This is a followup on the DIA-DXD Paper Trade position. The DIA position was ITM on Friday so I bought back the Apr08 127 Call and rolled out/up to the May08 131 Call to avoid assignment. At the same time I bought back the DXD Apr08 63 Call and rolled out/down to the May08 55 Call.
The following is the trade information, including IB commissions, using Friday's closing bid/ask prices:
DIA Position Trade History
12-Mar-08 - Initial Stock Position - BTO 100 DIA @ 121.41 -
12-Mar-08 - Initial Call Option - STO 1 Apr08 127.00 Call @ 1.16 - Closed
14-Apr-08 - Dividend Received - DIV 100 Dividend @ 0.30 -
18-Apr-08 - Buy Back & Roll Out/Up - BTC 1 Apr08 127.00 Call @ -1.09 -
18-Apr-08 - Continued Trade - STO 1 May08 131.00 Call @ 0.99 -
Stock Investment: $12,141.00
Income Generated: $135.64
Percent Income Generated: 1.12%
Annualized Income Generated: 6.27%
Days Held to Expiration: 65 days
DXD Position Trade History
12-Mar-08 - Initial Stock Position - BTO 100 DXD @ 58.86 -
12-Mar-08 - Initial Call Option - STO 1 Apr08 63.00 Call @ 1.44 - Closed
31-Mar-08 - Dividend Received - DIV 100 Dividend @ 0.22 -
18-Apr-08 - Buy Back & Roll Out/Down - BTC 1 Apr08 63.00 Call @ -0.06 -
18-Apr-08 - Continued Trade - STO 1 May08 55.00 Call @ 0.79 -
Stock Investment: $5,866.00
Income Generated: $239.27
Percent Income Generated: 4.07%
Annualized Income Generated: 22.83%
Days Held to Expiration: 65 days
Combined Position
Stock Investment: $18,027.00
Income Generated: $374.91
Percent Income Generated: 2.08%
Annualized Income Generated: 11.68%
Days Held to Expiration: 65 days
Position Summary if Closed
Starting Capital: $18,027.00
Market Value: $18,121.91
Total P/L: $94.91
Buy & Hold Comparison
DIA Purchase Price: $121.40
DIA Current Price: $127.86
P/L on DIA: $646.00
Dividends: $29.64
Total P/L on DIA: $675.64
DXD Purchase Price: $58.85
DXD Current Price: $51.66
P/L on DXD: -$719.00
Dividends: $22.27
Total P/L on DXD: -$696.73
Combined Purchase Price: $180.25
Combined Current Price: $179.52
Combined P/L: -$73.00
Combined Dividends: $51.91
Combined Total P/L on DIA: -$21.09
The following is the trade information, including IB commissions, using Friday's closing bid/ask prices:
DIA Position Trade History
12-Mar-08 - Initial Stock Position - BTO 100 DIA @ 121.41 -
12-Mar-08 - Initial Call Option - STO 1 Apr08 127.00 Call @ 1.16 - Closed
14-Apr-08 - Dividend Received - DIV 100 Dividend @ 0.30 -
18-Apr-08 - Buy Back & Roll Out/Up - BTC 1 Apr08 127.00 Call @ -1.09 -
18-Apr-08 - Continued Trade - STO 1 May08 131.00 Call @ 0.99 -
Stock Investment: $12,141.00
Income Generated: $135.64
Percent Income Generated: 1.12%
Annualized Income Generated: 6.27%
Days Held to Expiration: 65 days
DXD Position Trade History
12-Mar-08 - Initial Stock Position - BTO 100 DXD @ 58.86 -
12-Mar-08 - Initial Call Option - STO 1 Apr08 63.00 Call @ 1.44 - Closed
31-Mar-08 - Dividend Received - DIV 100 Dividend @ 0.22 -
18-Apr-08 - Buy Back & Roll Out/Down - BTC 1 Apr08 63.00 Call @ -0.06 -
18-Apr-08 - Continued Trade - STO 1 May08 55.00 Call @ 0.79 -
Stock Investment: $5,866.00
Income Generated: $239.27
Percent Income Generated: 4.07%
Annualized Income Generated: 22.83%
Days Held to Expiration: 65 days
Combined Position
Stock Investment: $18,027.00
Income Generated: $374.91
Percent Income Generated: 2.08%
Annualized Income Generated: 11.68%
Days Held to Expiration: 65 days
Position Summary if Closed
Starting Capital: $18,027.00
Market Value: $18,121.91
Total P/L: $94.91
Buy & Hold Comparison
DIA Purchase Price: $121.40
DIA Current Price: $127.86
P/L on DIA: $646.00
Dividends: $29.64
Total P/L on DIA: $675.64
DXD Purchase Price: $58.85
DXD Current Price: $51.66
P/L on DXD: -$719.00
Dividends: $22.27
Total P/L on DXD: -$696.73
Combined Purchase Price: $180.25
Combined Current Price: $179.52
Combined P/L: -$73.00
Combined Dividends: $51.91
Combined Total P/L on DIA: -$21.09
Monday, April 14, 2008
BJS - Adjustment
The following adjustment was made today on BJS:
14-Apr-08 - Buy Back & Roll Out/Up - BTC 3 Apr08 27.50 Call @ -1.71 -
14-Apr-08 - Interim Trade - STO 3 Jul08 30.00 Call @ 1.84 -
Current Position Summary:
Stock Investment: $11,238.00
Income Generated: $2,440.35
Percent Income Generated: 21.72%
Annualized Income Generated: 8.76%
Net Profit If Called: $202.35
Percent Return If Called: 1.80%
Annualized Return If Called: 0.73%
Days Held to Expiration: 905 days
Trade History:
25-Jan-06 - Initial Stock Position - BTO 200 BJS @ 40.05 -
25-Jan-06 - Initial Call Option - STO 2 Feb06 40.00 Call @ 1.54 - Expired
21-Feb-06 - Continued Trade - STO 2 Apr06 40.00 Call @ 0.49 - Closed
20-Mar-06 - Buy Back - BTC 2 Apr06 40.00 Call @ -0.11 -
20-Mar-06 - Dollar Cost Averaging - BTO 100 BJS @ 32.29 -
20-Mar-06 - Combined Cost Basis - $11,238.00 300 @ 37.46 -
20-Mar-06 - Continued Trade - STO 3 Jul05 37.50 Call @ 0.94 - Expired
14-Jul-06 - Dividend Received - DIV 100 Dividend @ 0.15 -
24-Jul-06 - Interim Trade - STO 3 Oct06 35.00 Call @ 1.19 -
13-Oct-06 - Dividend Received - DIV 300 Dividend @ 0.05 -
23-Oct-06 - Interim Trade - STO 3 Jan07 35.00 Call @ 0.79 -
22-Dec-06 - Buy Back & Roll Out - BTC 3 Jan07 35.00 Call @ -0.11 - Closed
22-Dec-06 - Continued Trade - STO 3 Jul07 35.00 Call @ 1.66 - Closed
12-Jan-07 - Dividend Received - DIV 300 Dividend @ 0.05 -
13-Apr-07 - Dividend Received - DIV 300 Dividend @ 0.05 -
21-Jun-07 - Buy Back & Roll Out/Down - BTC 3 Jul07 35.00 Call @ -0.11 - Closed
21-Jun-07 - Interim Trade - STO 3 Oct07 32.50 Call @ 0.79 - Expired
13-Jul-07 - Dividend Received - DIV 300 Dividend @ 0.05 -
12-Oct-07 - Dividend Received - DIV 300 Dividend @ 0.05 -
30-Oct-07 - Interim Trade - STO 3 Dec07 27.50 Call @ 0.55 - Expired
14-Jan-08 - Interim Trade - STO 3 Apr08 27.50 Call @ 0.64 - Closed
14-Apr-08 - Buy Back & Roll Out/Up - BTC 3 Apr08 27.50 Call @ -1.71 -
14-Apr-08 - Interim Trade - STO 3 Jul08 30.00 Call @ 1.84 -
14-Apr-08 - Buy Back & Roll Out/Up - BTC 3 Apr08 27.50 Call @ -1.71 -
14-Apr-08 - Interim Trade - STO 3 Jul08 30.00 Call @ 1.84 -
Current Position Summary:
Stock Investment: $11,238.00
Income Generated: $2,440.35
Percent Income Generated: 21.72%
Annualized Income Generated: 8.76%
Net Profit If Called: $202.35
Percent Return If Called: 1.80%
Annualized Return If Called: 0.73%
Days Held to Expiration: 905 days
Trade History:
25-Jan-06 - Initial Stock Position - BTO 200 BJS @ 40.05 -
25-Jan-06 - Initial Call Option - STO 2 Feb06 40.00 Call @ 1.54 - Expired
21-Feb-06 - Continued Trade - STO 2 Apr06 40.00 Call @ 0.49 - Closed
20-Mar-06 - Buy Back - BTC 2 Apr06 40.00 Call @ -0.11 -
20-Mar-06 - Dollar Cost Averaging - BTO 100 BJS @ 32.29 -
20-Mar-06 - Combined Cost Basis - $11,238.00 300 @ 37.46 -
20-Mar-06 - Continued Trade - STO 3 Jul05 37.50 Call @ 0.94 - Expired
14-Jul-06 - Dividend Received - DIV 100 Dividend @ 0.15 -
24-Jul-06 - Interim Trade - STO 3 Oct06 35.00 Call @ 1.19 -
13-Oct-06 - Dividend Received - DIV 300 Dividend @ 0.05 -
23-Oct-06 - Interim Trade - STO 3 Jan07 35.00 Call @ 0.79 -
22-Dec-06 - Buy Back & Roll Out - BTC 3 Jan07 35.00 Call @ -0.11 - Closed
22-Dec-06 - Continued Trade - STO 3 Jul07 35.00 Call @ 1.66 - Closed
12-Jan-07 - Dividend Received - DIV 300 Dividend @ 0.05 -
13-Apr-07 - Dividend Received - DIV 300 Dividend @ 0.05 -
21-Jun-07 - Buy Back & Roll Out/Down - BTC 3 Jul07 35.00 Call @ -0.11 - Closed
21-Jun-07 - Interim Trade - STO 3 Oct07 32.50 Call @ 0.79 - Expired
13-Jul-07 - Dividend Received - DIV 300 Dividend @ 0.05 -
12-Oct-07 - Dividend Received - DIV 300 Dividend @ 0.05 -
30-Oct-07 - Interim Trade - STO 3 Dec07 27.50 Call @ 0.55 - Expired
14-Jan-08 - Interim Trade - STO 3 Apr08 27.50 Call @ 0.64 - Closed
14-Apr-08 - Buy Back & Roll Out/Up - BTC 3 Apr08 27.50 Call @ -1.71 -
14-Apr-08 - Interim Trade - STO 3 Jul08 30.00 Call @ 1.84 -
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