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Strategies & Market Trends : Calls and Puts for Income

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To: dealmakr who wrote (4928)	8/3/2011 8:22:33 AM
From: dealmakr	Read Replies (1) of 5891

Updated position XRX 08/03/11 11/30/10 Sold 50 Dec 11 Put .16* 11/30/10 Sold 30 Dec 11 Put .15* 12/06/10 Bot 3000 XRX 11.74 12/06/10 Sold 30 Apr 12 Call .82* 12/31/10 Sold 25 Jul 9 Put .30* 01/21/11 Sold 30 Feb 12 Call .12* 01/27/11 Sold 30 Feb 11 Call .16* 02/09/11 Sold open 30 Jul 12 Call .32* 02/22/11 Bot 1500 XRX 11 02/22/11 Sold 15 Apr 11 Call .46* 02/23/11 Sold 25 Oct 9 Put .52* 03/14/11 Sold 15 Oct 12 Call .40* 03/16/11 Sold 15 Jul 11 Call .30* 03/16/11 Sold 25 Oct 12 Call .30* 03/22/11 Sold 15 May 11 Call .16* 03/25/11 Bot 1500 XRX 10.68 (16020) 04/11/11 Sold 20 Oct 12 Call .47* 04/12/11 Sold 30 May 10 Put .14* 05/06/11 Bot 1500 XRX 10.35 (15525) 05/06/11 Sold 20 Jun 10 Put .23* 05/23/11 Sold 30 Jul 11 Call .11* 05/25/11 Sold 25 Jul 9 Put .16* 06/08/11 Bot 1500 XRX 9.47 (14205) 06/08/11 Sold 35 Oct 11 Call .17 06/29/11 Sold 25 Aug 9 Put .12 06/29/11 Sold 25 Jan 9 Put .52 07/22/11 Sold 40 Sep 9 put .11 07/22/11 Sold 55 Sep 11 call .12* 07/29/11 Sold 25 Oct 9 Put .40 07/29/11 Sold 25 Oct 10 Call .30 08/01/11 Sold 25 Oct 10 Call .21 08/02/11 Sold 20 Sep 9 put .40 Closed Trades Profit/Loss 12/18/10 Expired 80 Dec 11 Put 1250 12/29/10 Dividend .0425 on 3000 shares 127.5 01/21/11 Bot close 30 Apr 12 Call .28 1620 02/13/11 Bot close 30 Feb 11 Call .13 90 02/19/11 Expired 30 Feb 12 Call 360 03/25/11 Bot close 15 Apr 11 Call .05 615 03/25/11 Bot close 30 Jul 12 Call .14 540 03/29/11 Dividend .0425 on 6000 shares 255 04/11/11 Bot close 25 Jul 9 Put .13 425 05/21/11 Expired 30 May 10 Put 420 05/21/11 Expired 15 May 11 Call 240 06/08/11 Bot close 45 Jul 11 call .03 645 06/08/11 Bot close 20 Jun 10 Put .59 (900) 06/28/11 Dividend .0425 on 9000 shares 382.5 07/01/11 Bot close 25 Oct 9 Put .18 850 07/15/11 Expired 25 Jul 9 Put 400 07/22/11 Bot close 60 Oct 12 Call .07 1870 08/02/11 Bot close 55 Sep 11 call .03 495 Total Return P/L on closed trades 9685 Long 9000 XRX avg/share 10.83 (97470) Stock closed 08/02 8.82 Short 25 Aug 9 Put 300 Short 60 Sep 9 Put 1240 Short 25 Oct 9 Put 1000 Short 50 Oct 10 Call 1275 Short 35 Oct 11 Call 595 Short 25 Jan 9 Put 1300 Net Position Exposure Covered Calls 8500 shares Naked Puts 13500 shares With the Aug expiration cycle being midpoint, this stock has suffered worse than most in the current weakness on pretty heavy volume. I would guess that the exposure to government spending for revenues is having a larger impact on price action. Stock buyback started with the notes from the 10Q that about 5mm shares were bot in July so far costing 48mm. With the stock falling down rapidly, I would guess they are getting a better deal now. Still would have liked to see the dividend boosted a bit instead of spending the free cash on buybacks as I think it would have provided a better support basis. This whole type of options trading works best when the stock is flat to a slightly neutral upward bias and when things fall out of bed can cause a lot of pain. Even with the DCA down to 10.83/share and the premium and dividends received of better than a buck a share, the trade so far is still underwater. Good Trading dealmakr

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