Tuesday, July 22, 2008

Quick Update

Well, what started off as a fairly ugly day for the market has now become a much more pleasant one. Anyway, my order to sell some calls on the buy-write portion of General Electric (GE) shares was filled.

Sold Aug $29 GE Calls (GEWHC) at 0.41.

This particular lot of shares now has an effective cost basis of $30.37.

So, Manitowoc (MTW) was initiated at a Buy by Longbow with a $43 price target. I don't have any of the details though. Anyway, despite that and the strong Caterpillar (CAT) earnings report, shares are lower. Boo.

And, Sandisk (SNDK) really tanked hard today, extending losses it had incurred in yesterday's afterhours session. At the present my spread can be cashed out for $2.15. But, I am going to wait a bit to see if I can squeeze more out of it. I don't think I'll hold it until expiration, as chances are I should be able to get very close to full value for it before then.

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