Friday, July 18, 2008

Quick Update

Today was a good day for me despite the Nasdaq selling off some following the poor Microsoft and Google earnings reports.

First, Citigroup (C) didn't do as poorly as Wall Street expected, and so the stock jumped a bit. Now, I'm down less than 15% on that position, which is a f-ton better than being down nearly 40%.

Mattel (MAT) came in with better than expected top and bottom line numbers. Plus, they won the first battle in the lawsuit against MGA Entertainment. Those of you with young daughters might be familiar with the Bratz line of dolls. That line is the strongest direct competitor to Mattel's Barbie.

And, the Wet Seal (WTSLA) didn't give back too much of its recent gains. Its share price did reach my the range in which I intend to sell a piece of my position, but I haven't yet pulled the trigger. Hopefully, I will get an opportunity soon.

General Electric (GE) shares closed at $28 flat, which hit the strike price of the covered calls on the dot. Even with the new one penny automatic exercise rule, my shares should not be called away. I'll probably sell another round of calls next week. We'll see.

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