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Non-Tech : The Critical Investing Workshop
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To: elpolvo who wrote (8433)3/25/2000 7:38:00 PM
From: elpolvo  Read Replies (5) of 35685
 
THE WEEKEND POLVO BEANO UPDATE

recap: polvo beano jumped into the beano family strategy by selling 10 contracts of qcom april 135 covered calls and 5 contracts of elon april 90.

i have 600 margined shares of qcom which i tried to sell in extended hours trading at 135 1/2 just to get out of margin but the order did not fill. i'm glad. i think i'll ride them for a while.

i got a PM from a friend today suggesting that qcom might be on the verge of a run up of sorts and that i might want to know how to get out of the CC position gracefully. it made me think over my decisions and my actions for awhile.

i answered thusly:

i'm not looking for a repair strategy for my CCs. when i sold the 10 april 135 calls and received 11 per share i was, effectively, selling my qcom shares at 146 for a nice, quick little profit. in my mind they're gone, i have 11,000 bucks income from them and i still have the original 135,000 bucks to buy stock and sell CCs next month for may's income. is this a perfect world or what?

the fact that qcom may be readying for a major upward move tickles me to death because i still have another 600 shares that are NOT covered (for growth and speculation).

still, i very much appreciate the information you sent me. it helped me understand the bull spread repair strategy. (i learn a little more every day.)

question:

1) am i all wet or am i a true beano now? is my reasoning correct?

thanks,

-polvo beano
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