OT, Elmer, re: <#1 Albert showed up and called me a liar regarding my Put writing posts. #2. I asked Albert for proof of his claims. Albert presented nothing.>
Albert emailed me twice several months ago that you must be exaggerating the quantity of puts you claimed to be selling because your quantity was greater than the total volume for the day. Albert has access to the best information, so I doubt he was looking at a single exchange to determine this.
Lets take a look at one of your posts from April 13 -- #105000.
"Wrote May $60 Puts. Got 2 5/16s. Bought shares @74 and sold May $80 CCs. Got 5 3/4s."
Assuming you bought 200 shares with the proceeds of your puts (the minimum possible for you to sell "May 80 CCs" -- you would need $14,800 of "put proceeds" since this is an IRA account which doesn't allow margin. Since you claim you got 2 5/16 or $231 for each put, that means you had to sell at least 65 puts to get the $14,800. Since you admitted that the rules of the IRA account require 100% margin for naked put sales, you have to have a cash balance of at least $80 x 100 x 65, or $520,000 in your IRA account.
Since you claimed back then to have two additional short put positions, as well as owning Intel shares and being short Intel puts in your account, it must have a cash balance in the millions to support your short positions. In fact, I remember at least one post there you claimed to have written calls on your "free" shares obtained by writing puts, and then bought more shares with the proceeds of that sale. That would require a $5M balance.
I find this difficult to believe for a conventional IRA with $2,000 contribution limit.
Petz |
