Many people believe that covered calls only work in a neutral or bullish market or with a neutral or bullish stock. However, in my experience, they also work in a bearish market or with a bearish stock.
Look at the two positions that were closed at the end of Feb options expiration, BBT & KCI. BBT shot up after I bought it and would have made a bigger profit as a buy & hold position. KCI went down after I bought and made more money than a buy & hold position, which would have resulted in a loss.
I've closed over a hundred covered call positions and the story is always the same. When the stock went up after I bought it and was called away, the profit usually would have been better with a buy & hold strategy. When the stock went down after I bought it, the profit was usually better than a buy & hold strategy, which in many cases would have resulted in a loss.
So, from my experience, covered calls outperform buy & hold in a neutral or bearish market/stock, but underperform in a bullish market/stock.
Sunday, February 24, 2008
Drawdown
Drawdown, the way I define it, is the difference between the original amount invested in stock plus cash minus the liquidation value plus cash. My acceptable drawdown is 12-24%, the same as my return criteria. My average drawdown since inception has been 12.47%. My current drawdown is 21.68%.
For example, let's say my starting capital is $100,000 and I have have $80,000 invested in stock and $20,000 in cash. If the liquidation value is $56,000, the current account value would be $76,000 ($56,000 + $20,000) for a drawdown of $24,000 ($100,000 - $76,000) or 24%, and a loss of $24,000 ($100,000 - $76,000) or 24% of the starting capital.
Another example, let's say I started out with $100,000 and brought in $50,000 of income, so now I'd have an account value of $150,000. Now let's say $100,000 was invested in stock and $50,000 was in cash. If the liquidation value was $64,000 the current value would be $114,000 ($64,000 + $50,000), for a drawdown of $36,000 ($150,000 - $114,000) or 24%, but an actual gain of $14,000 ($114,000 - $100,000) or 14% of the starting capital.
My current account is more like the second example in that I've never been below my original starting capital. I run with a constant drawdown every month, but don't let it bother me. It's just part of the system. I hold positions for the long term and eventually exit at either breakeven or a profit, with an occassional loss, and over time my account has continued to go up in value.
Some people can't stomach drawdowns or watching their account balance loss value. I don't worry about it because I know that over time my method is profitable. I don't concern myself with short-term account balance fluctuations, since I have no intention of liquidating my account. This is money that I have committed for the long term and have other funds available for emergencies.
For example, let's say my starting capital is $100,000 and I have have $80,000 invested in stock and $20,000 in cash. If the liquidation value is $56,000, the current account value would be $76,000 ($56,000 + $20,000) for a drawdown of $24,000 ($100,000 - $76,000) or 24%, and a loss of $24,000 ($100,000 - $76,000) or 24% of the starting capital.
Another example, let's say I started out with $100,000 and brought in $50,000 of income, so now I'd have an account value of $150,000. Now let's say $100,000 was invested in stock and $50,000 was in cash. If the liquidation value was $64,000 the current value would be $114,000 ($64,000 + $50,000), for a drawdown of $36,000 ($150,000 - $114,000) or 24%, but an actual gain of $14,000 ($114,000 - $100,000) or 14% of the starting capital.
My current account is more like the second example in that I've never been below my original starting capital. I run with a constant drawdown every month, but don't let it bother me. It's just part of the system. I hold positions for the long term and eventually exit at either breakeven or a profit, with an occassional loss, and over time my account has continued to go up in value.
Some people can't stomach drawdowns or watching their account balance loss value. I don't worry about it because I know that over time my method is profitable. I don't concern myself with short-term account balance fluctuations, since I have no intention of liquidating my account. This is money that I have committed for the long term and have other funds available for emergencies.
Friday, February 22, 2008
MHP - New Position
A new dividend position was established today on MHP. The following is the trade information, including IB commissions:
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
12-Mar-08 - Dividend Received - DIV 100 Dividend @ 0.22
Summary without the dividend if called early on Ex-Dividend date:
Stock Investment: $4,117.00
Income Generated: $280.00
Percent Income Generated: 6.80%
Annualized Income Generated: 827.46%
Net Profit If Called: $163.00
Percent Return If Called: 3.96%
Annualized Return If Called: 481.70%
Days Held: 3 days
Summary with the dividend if called at option expiration:
Stock Investment: $4,117.00
Income Generated: $302.00
Percent Income Generated: 7.34%
Annualized Income Generated: 47.81%
Net Profit If Called: $185.00
Percent Return If Called: 4.49%
Annualized Return If Called: 29.29%
Days Held to Expiration: 56 days
Dividend Information:
Ex-Dividend Date: 02/25/08
Dividend Pay Date: 03/12/08
Dividend Rate: $0.88
Dividend Yield: 2.10%
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
12-Mar-08 - Dividend Received - DIV 100 Dividend @ 0.22
Summary without the dividend if called early on Ex-Dividend date:
Stock Investment: $4,117.00
Income Generated: $280.00
Percent Income Generated: 6.80%
Annualized Income Generated: 827.46%
Net Profit If Called: $163.00
Percent Return If Called: 3.96%
Annualized Return If Called: 481.70%
Days Held: 3 days
Summary with the dividend if called at option expiration:
Stock Investment: $4,117.00
Income Generated: $302.00
Percent Income Generated: 7.34%
Annualized Income Generated: 47.81%
Net Profit If Called: $185.00
Percent Return If Called: 4.49%
Annualized Return If Called: 29.29%
Days Held to Expiration: 56 days
Dividend Information:
Ex-Dividend Date: 02/25/08
Dividend Pay Date: 03/12/08
Dividend Rate: $0.88
Dividend Yield: 2.10%
KEY - New Position
A new dividend position was established today on KEY. The following is the trade information, including IB commissions:
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
14-Mar-08 - Dividend Received - DIV 200 Dividend @ 0.38
Summary without the dividend if called early on Ex-Dividend date:
Stock Investment: $4,609.00
Income Generated: $340.60
Percent Income Generated: 7.39%
Annualized Income Generated: 385.33%
Net Profit If Called: $231.60
Percent Return If Called: 5.02%
Annualized Return If Called: 262.02%
Days Held: 7 days
Summary with the dividend if called at option expiration:
Stock Investment: $4,609.00
Income Generated: $416.60
Percent Income Generated: 9.04%
Annualized Income Generated: 58.91%
Net Profit If Called: $307.60
Percent Return If Called: 6.67%
Annualized Return If Called: 43.50%
Days Held to Expiration: 56 days
Dividend Information:
Ex-Dividend Date: 02/29/08
Dividend Pay Date: 03/14/08
Dividend Rate: $1.50
Dividend Yield: 6.40%
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
14-Mar-08 - Dividend Received - DIV 200 Dividend @ 0.38
Summary without the dividend if called early on Ex-Dividend date:
Stock Investment: $4,609.00
Income Generated: $340.60
Percent Income Generated: 7.39%
Annualized Income Generated: 385.33%
Net Profit If Called: $231.60
Percent Return If Called: 5.02%
Annualized Return If Called: 262.02%
Days Held: 7 days
Summary with the dividend if called at option expiration:
Stock Investment: $4,609.00
Income Generated: $416.60
Percent Income Generated: 9.04%
Annualized Income Generated: 58.91%
Net Profit If Called: $307.60
Percent Return If Called: 6.67%
Annualized Return If Called: 43.50%
Days Held to Expiration: 56 days
Dividend Information:
Ex-Dividend Date: 02/29/08
Dividend Pay Date: 03/14/08
Dividend Rate: $1.50
Dividend Yield: 6.40%
EXBD - New Position
A new dividend position was established today on EXBD. The following is the trade information, including IB commissions:
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
31-Mar-08 - Dividend Received - DIV 100 Dividend @ 0.44
Summary without the dividend if called early on Ex-Dividend date:
Stock Investment: $4,145.00
Income Generated: $295.00
Percent Income Generated: 7.12%
Annualized Income Generated: 136.72%
Net Profit If Called: $150.00
Percent Return If Called: 3.62%
Annualized Return If Called: 69.52%
Days Held: 19 days
Summary with the dividend if called at option expiration:
Stock Investment: $4,145.00
Income Generated: $339.00
Percent Income Generated: 8.18%
Annualized Income Generated: 53.31%
Net Profit If Called: $194.00
Percent Return If Called: 4.68%
Annualized Return If Called: 30.51%
Days Held to Expiration: 56 days
Dividend Information:
Ex-Dividend Date: 03/12/08
Dividend Pay Date: 03/31/08
Dividend Rate: $1.76
Dividend Yield: 4.20%
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
31-Mar-08 - Dividend Received - DIV 100 Dividend @ 0.44
Summary without the dividend if called early on Ex-Dividend date:
Stock Investment: $4,145.00
Income Generated: $295.00
Percent Income Generated: 7.12%
Annualized Income Generated: 136.72%
Net Profit If Called: $150.00
Percent Return If Called: 3.62%
Annualized Return If Called: 69.52%
Days Held: 19 days
Summary with the dividend if called at option expiration:
Stock Investment: $4,145.00
Income Generated: $339.00
Percent Income Generated: 8.18%
Annualized Income Generated: 53.31%
Net Profit If Called: $194.00
Percent Return If Called: 4.68%
Annualized Return If Called: 30.51%
Days Held to Expiration: 56 days
Dividend Information:
Ex-Dividend Date: 03/12/08
Dividend Pay Date: 03/31/08
Dividend Rate: $1.76
Dividend Yield: 4.20%
ADP - New Position
A new dividend position was established today on ADP. The following is the trade information, including IB commissions:
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
01-Apr-08 - Dividend Received - DIV 100 Dividend @ 0.29
Summary without the dividend if called early on Ex-Dividend date:
Stock Investment: $4,011.00
Income Generated: $132.00
Percent Income Generated: 3.29%
Annualized Income Generated: 63.22%
Net Profit If Called: $121.00
Percent Return If Called: 3.02%
Annualized Return If Called: 57.95%
Days Held: 19 days
Summary with the dividend if called at option expiration:
Stock Investment: $4,011.00
Income Generated: $161.00
Percent Income Generated: 4.01%
Annualized Income Generated: 26.16%
Net Profit If Called: $150.00
Percent Return If Called: 3.74%
Annualized Return If Called: 24.37%
Days Held to Expiration: 56 days
Dividend Information:
Ex-Dividend Date: 03/12/08
Dividend Pay Date: 04/01/08
Dividend Rate: $1.16
Dividend Yield: 2.90%
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
01-Apr-08 - Dividend Received - DIV 100 Dividend @ 0.29
Summary without the dividend if called early on Ex-Dividend date:
Stock Investment: $4,011.00
Income Generated: $132.00
Percent Income Generated: 3.29%
Annualized Income Generated: 63.22%
Net Profit If Called: $121.00
Percent Return If Called: 3.02%
Annualized Return If Called: 57.95%
Days Held: 19 days
Summary with the dividend if called at option expiration:
Stock Investment: $4,011.00
Income Generated: $161.00
Percent Income Generated: 4.01%
Annualized Income Generated: 26.16%
Net Profit If Called: $150.00
Percent Return If Called: 3.74%
Annualized Return If Called: 24.37%
Days Held to Expiration: 56 days
Dividend Information:
Ex-Dividend Date: 03/12/08
Dividend Pay Date: 04/01/08
Dividend Rate: $1.16
Dividend Yield: 2.90%
Thursday, February 21, 2008
WGO - Adjustment
The following adjustment was made today on WGO:
21-Feb-08 - Interim Trade - STO 2 Apr08 22.50 Call @ 0.79 -
Current Position Summary:
Stock Investment: $6,455.00
Income Generated: $1,412.70
Percent Income Generated: 21.89%
Annualized Income Generated: 7.96%
Net Profit If Called: -$542.30
Percent Return If Called: -8.40%
Annualized Return If Called: -3.05%
Days Held to Expiration: 1004 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 -
21-Feb-08 - Interim Trade - STO 2 Apr08 22.50 Call @ 0.79 -
Current Position Summary:
Stock Investment: $6,455.00
Income Generated: $1,412.70
Percent Income Generated: 21.89%
Annualized Income Generated: 7.96%
Net Profit If Called: -$542.30
Percent Return If Called: -8.40%
Annualized Return If Called: -3.05%
Days Held to Expiration: 1004 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 -
WFC - Adjustment
The following adjustment was made today on WFC:
21-Feb-08 - Continued Trade - STO 1 Mar08 30.00 Call @ 1.84 -
Current Position Summary:
Stock Investment: $3,013.00
Income Generated: $349.00
Percent Income Generated: 11.58%
Annualized Income Generated: 74.17%
Net Profit If Called: $336.00
Percent Return If Called: 11.15%
Annualized Return If Called: 71.41%
Days Held to Expiration: 57
Trade History:
24-Jan-08 - Initial Stock Position - BTO 100 WFC @ 30.13 -
24-Jan-08 - Initial Call Option - STO 1 Feb08 30.00 Call @ 1.34 - Expired
21-Feb-08 - Continued Trade - STO 1 Mar08 30.00 Call @ 1.84 -
01-Mar-08 - Dividend Received - DIV 100 Dividend @ 0.31 -
21-Feb-08 - Continued Trade - STO 1 Mar08 30.00 Call @ 1.84 -
Current Position Summary:
Stock Investment: $3,013.00
Income Generated: $349.00
Percent Income Generated: 11.58%
Annualized Income Generated: 74.17%
Net Profit If Called: $336.00
Percent Return If Called: 11.15%
Annualized Return If Called: 71.41%
Days Held to Expiration: 57
Trade History:
24-Jan-08 - Initial Stock Position - BTO 100 WFC @ 30.13 -
24-Jan-08 - Initial Call Option - STO 1 Feb08 30.00 Call @ 1.34 - Expired
21-Feb-08 - Continued Trade - STO 1 Mar08 30.00 Call @ 1.84 -
01-Mar-08 - Dividend Received - DIV 100 Dividend @ 0.31 -
TGT - Adjustment
The following adjustment was made today on TGT:
21-Feb-08 - Continued Trade - STO 1 Mar08 55.00 Call @ 1.44 -
Current Position Summary:
Stock Investment: $5,937.00
Income Generated: $794.00
Percent Income Generated: 13.37%
Annualized Income Generated: 42.82%
Net Profit If Called: $357.00
Percent Return If Called: 6.01%
Annualized Return If Called: 19.25%
Days Held to Expiration: 114 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 -
21-Feb-08 - Continued Trade - STO 1 Mar08 55.00 Call @ 1.44 -
Current Position Summary:
Stock Investment: $5,937.00
Income Generated: $794.00
Percent Income Generated: 13.37%
Annualized Income Generated: 42.82%
Net Profit If Called: $357.00
Percent Return If Called: 6.01%
Annualized Return If Called: 19.25%
Days Held to Expiration: 114 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 -
SNDK - Adjustment
The following adjustment was made today on SNDK:
21-Feb-08 - Interim Trade - STO 2 Mar08 30.00 Call @ 0.24 -
Current Position Summary:
Stock Investment: $10,854.00
Income Generated: $3,649.90
Percent Income Generated: 33.63%
Annualized Income Generated: 17.61%
Net Profit If Called: -$1,204.10
Percent Return If Called: -11.09%
Annualized Return If Called: -5.81%
Days Held to Expiration: 697 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 -
21-Feb-08 - Interim Trade - STO 2 Mar08 30.00 Call @ 0.24 -
Current Position Summary:
Stock Investment: $10,854.00
Income Generated: $3,649.90
Percent Income Generated: 33.63%
Annualized Income Generated: 17.61%
Net Profit If Called: -$1,204.10
Percent Return If Called: -11.09%
Annualized Return If Called: -5.81%
Days Held to Expiration: 697 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 -
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