PeterDrier.com

Position Recap for Nov 28:

C - Jan10 30 Call (@8.475) - Up 7%

PCP - Jan9 140 Call (@34) - Up 14% ( $450/per)
PCP - Jan8 145 Caller (@11.3) - Down 48% ($368/per)

Initiated new position:

MRVL May 12.5 call @ 3.57, currently at 3.5 - Down 3%

Commentary

The PCP caller is down somewhat significantly today, but that’s in percentage terms.  Joined with the long call though, I’m still ahead.  In a more perfect world, I would have timed it better, and perhaps sold it for 10-11 range, had that dip not happened this morning.

Tags: Trading by Peter
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I already have a position with Jan9 140 calls.. Have had it for a little over a month, and last month sold 100% against it with Dec 155s. They returned 86% when I closed out the caller, leaving me naked long until today.

A pretty substantial pop this morning, and I decided to cover somewhere around the 143.5 level. The stock was up 4 or so, and it looked like the whole market might pull back. I also felt that PCP could go higher, so I decided to cover only 1/2 of my long position

PCP did pull back about 2, but has since gone to 147+.

So I’m in with the following:

-1/2 Jan8 145 C @ 7.7

(1/2 being half the number of contracts I’m long)

This is intended to protect my gains, at the cost of potentially more gains.

Exit Strategy

I have to hold for a month.. So 30 days from now I’ll evaluate where PCP has gone, and either buy this caller back, or let it ride through expiration.

I may also sell the other 1/2 if I feel that PCP has more fully topped off it’s trading range.

Tags: Trading by Peter
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