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October 01, 2004
Portfolio Update: MVSN, CSCO & MACR
Busy day today!
I took advantage of the rally to close my MVSN covered call position, and lock-in a 6.5% return (91 days, 26% annualized) - it cost me $35 to close ahead of the Oct 15th expiration, but I doubt that MVSN can remain above the $24.5 level in the short term.
| Equity | Position | Buy @ | Sell @ | # Days | % Return |
| MVSN | 100 sh | $24.90 | $24.65 | 91 | 6.5% |
| Oct 25 Call | $0.35 | $2.25 |
I also partially closed 2 other covered call trades: CSCO and MACR. Both rallied by 4% or more today, and I managed to sell shares of both at (or near) the intra-day highs. Now, I am short a call on each, and essentially betting that the prices will go down - at least in the short term, allowing me to buy back the calls and close the positions altogether.
| Equity | Position | Buy @ | Sell @ | # Days | % Return |
| CSCO | 100 sh | $23.0 | $18.99 | 100+ | - |
| Oct 22.5 Call | $0.1 | $1.75 | |||
| Jan 20 Call | - | $1.4 | |||
| MACR | 100 sh | $23.99 | $18.65 | 100+ | - |
| Nov 20 Call | - | $2.35 |
As I have mentioned earlier, I didn't define and stick to a trading plan until now, hence I am keen to close my older (riskier) positions, and move on to a more disciplined trading methodology.
Posted by galatime at October 1, 2004 03:48 PM