Wednesday, August 20, 2008

Quick Update

The Hewlett Packard (HPQ) calls I picked up from yesterday got a boost today, now that shares of the company are trading around $46. I'll hang on in hopes of getting out on a real market rally.

Today, I sold some Manitowoc (MTW) Sept $25 calls (MTWIE) for $1 apiece, covering less than half the position. Still losing my ass on this one, but this helps reduce my exposure.

*** Edit #1 ***

I have re-established the General Electric (GE) position that was called away over the weekend at $29. Picked up shares via a buy-write at a net cost of $27.75.

Bought GE at $28.35
Sold Sept $29 Calls (GEWIC) at $0.60

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