Hello pezz, today’s report:
(i) Arrived in Hong Kong from S.Africa. While in S.Africa did work with prospective client and also visited with never-before-met cousin sharing the same great-great-grandfather, one Pierre Antoine Marie Alphonse Ganteaume (1802-1860).
(ii) At Johannesburg airport I got some souvenirs for the kids, some animals
 giselle, leopard, and hippo. are theu not beautiful? they are also anti-imperial ;0)
(iii) Before I got on the plane in Johannesburg I had issued instructions to close some positions and they were executed per below …
(iv) Bought to close REMX May calls (strike 25) and puts (strike 24)
at a combined price of USD 2.7955. They were shorted February 16th at combined price of USD 4.00 Message 27171458 , iow, a fair return for looting the cloud atm by way of long equity and short options.
The long REMX equity trade is still in place, as working inventory for the next remx cloud atm extraction via option trades.
(v) Bought to close PAAS April Calls and Puts both at strike 36 at a combined price of USD 3.3. The trades were tee-ed up February 18th at combined premium taking of USD 4.70 Message 27179770 , iow, another fair return for … cloud atm.
Still have Message 27040485 shorted April paas calls strike 42 and shorted puts 38 on the books.
(vi) Shorted GDX May calls strike 62 at USD 1.83 premium against the GDX shares acquired by this sequence of transactions
March 20th 2010 Message 26400403 finally closing out the brilliant series of gdx trades since the low low low of march 2009.
July 4th, 2010 Message 26661327 “We made definitive arrangement to welcome son Jack on August 21st, and so I must short some puts on GDX between now and then to pay for the expected expenses of the following days, else I would be long responsibilities and short on expenses.”
July 30th, 2010 Message 26721178 “shorted puts on GDX, strike 48, september 2010, at 2.04 usd”
Sept 14th, 2010 Message 26819990 “(i) bought lots of gdx shares at 55.43
(ii) short sold lots of contracts of gdx put december strike 54 at 2.772
(iii) short sold lots of contracts of gdx covered calls december strike 57 at 2.62”
… … the shorted September gdx puts strike 48 expired worthless on my counter-party.
Dec 18th, 2010 Message 27035065 “- net 5.39 premium secured (2.772 + 2.62)
- gross 57.00 GDX called away
- total cost 55.43 of gdx
- net net %$@30(&* net 62.39 / 55.43 return, or 12.56% return over 90 days, or enough”
Dec 23, 2010 Message 27044564 “shorted more GDX puts, Jan 11, strike 60 at USD 1.72”
Jan 20th, 2011 Message 27107435 “writing february GDX puts strike 53 @ 1.76”
… was put the GDX shares at 60 on January option expiration day
Jan 27th, 2011 Message 27123383 “short Puts GDX March 54 at USD 2.57”
Feb 18th, 2011 Message 27179770 “bought to close puts GDX march 54 at usd 0.38”
… the shorted February gdx puts strike 53 expired worthless on my counter-party.
And now, yesterday did the mentioned shorting of GDX May calls strike 62 at USD 1.83 premium against the GDX shares acquired per above. My expensive GDX shares are generally at 1/10 of my inexpensive GDX venturing.
now we ride just long paas equity to kingdom come
and we proceed to either
(a) 'earn' from gdx originally put to us at 60, or
(b) reduce the cost basis of our gdx as 60 – [2.04 + 2.772 + 2.62 + (57 – 55.43) + 1.72 + 1.76 + 2.57 – 0.38 + 1.83] = 43.50 (assuming the gdx positions were established at equal share tranche size, which they were not, because my cheaper gdx strike price put options' tranches were 10x the expensive strike price 60 tranche - so the current gdx are actually at negative cost basis :0)
Cheers, tj |
