Thursday, May 15, 2008

Quick Update

Sold Manitowoc (MTW) May 40 Puts (MTWQH) at 0.35. Equal number of shares to cover my current position. If put to me, then I will have doubled my position, but if that happens, I will be looking to sell the new shares. I'm already full in MTW. Otherwise, it doesn't hurt too much to pocket 0.8% in a day (actually quite a bit more than that due to actual margin requirements being a lot lower).

Today's a good day... two main movers for the portfolio are:

Wet Seal (WTSLA) now up to 4.13. Go Seal Go!
EMC up a nice 6.3% today to 17.75.

I thought a bit more about Citigroup (C), and I think that at the very least I'll at least hold a piece of my current shares for longer. But, if any opportunity arises for me to exit partially, I would probably take it. Anyway, I guess this means I'll add C to my official list.


gaamblor said...

That MTW seems like such an easy trade, I should start freeing up more money on expiration weeks

I'm staying away from financials still but the Jun 25 call on C for .55 seems like a good hedge

Brute Force said...

Ya, I've been looking at the Jun 25's. I think I'll probably sell some to cover a good percentage of what I'm holding.