$100K Portfolio Update - April Expirations
April 15, 2010 at 04:18 AM EDT
Our $100K Portfolio is not doing so well . Staying in cash after taking a big loss on FAZ did not turn out to be a good move as FAZ went deeper in the red and the cash didn’t go up. We had fantastic winners on our upside plays, which were : Symbol Description QTY Price Paid Last Price Change MKT Value Profit Loss % GENERAL ELECTRIC CO VGE1122A15 GE CALL 15 Jan 11 5 $2.24 $4.75 Stock: $19.35 $0.40 $2,375.00 Margin: $0.00 $1,255.00 112.05% SUNPOWER CORPORATION QRU1017P19 SPWRA PUT 19 Apr 10 -5 $2.00 $0.80 Stock: $18.26 -$0.11 $400.00 Margin: $2,682.50 $600.00 60.00% VALERO ENERGY CORP VLB1017P18 VLO PUT 18 Apr 10 -5 $1.10 $0.02 Stock: $20.36 $0.00 $10.00 Margin: $1,375.00 $540.00 98.18% SIRIUS XM RADIO INC QXO1017P1 SIRI PUT 1 Apr 10 -50 $0.15 $0.05 Stock: $1.07 $0.00 $250.00 Margin: $1,235.63 $500.00 66.67% MEMC ELECTRONIC MATERIALS CJC1017P12 WFR PUT 12 Apr 10 -5 $0.85 $0.01 Stock: $16.82 -$0.01 $5.00 Margin: $605.00 $420.00 98.82% GENERAL ELECTRIC CO VGE1122M12.5 GE PUT 12.5 Jan 11 -10 $0.70 $0.29 Stock: $19.35 -$0.02 $290.00 Margin: $1,540.00 $410.00 58.57% PROSHARES ULTRA FINANCIALS UUF1017P5 UYG PUT 5 Apr 10 -20 $0.16 $0.01 Stock: $7.75 $0.00 $20.00 Margin: $1,020.00 $300.00 93.75% KEYCORP KEY1017P7 KEY PUT 7 Apr 10 -5 $0.45 $0.04 Stock: $8.52 $0.00 $20.00 Margin: $370.00 $205.00 91.11% Clearly we should have deployed more cash! For now we’ll just worry about the adjustments as we are down $8,000 but mostly pending losses on our short-side hedge plays. Let’s try to make long and short adjustmens as follows : GE - No adjustment as that’s a bull call vertical with $910 of our losses coming from the Jan $17.50 calls we sold. That will only resolve itself over time and it’s one of the things you have to get used to with vertical plays as our Jan $15 calls have .40 of premium left at $4.75 while the Jan $17.50s we sold are $2.84 with $1 in premium so, on paper, we are down .60 per contract based on premium alone. Also, the Jan $12.50 puts we sold still show .29 in value with GE trading at $19.35 - that’s another $290 we’re patiently waiting to collect on that trade but currently shows as a negative on our balance sheet! KEY - They are at $8.54 so we have no reason to think the puts we sold won’t expire worthless. SIRI - We got a nice break on them as they just shot up over $1 and we can expect to collect that $250 on Friday as those puts expire worthless. If they don’t, we’ll just roll over to the May $1 puts for another .05 but I don’t think so. SPWRA - Here we have the opposite problem as they just took a dive and I want to take advantage of that by rolling the April $19 puts (.80) to the May $19 puts ($1.70) as we sure don’t mind eventually owning SPWRA but that’s no reason not…