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Strategies & Market Trends : Calls and Puts for Income
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To: dealmakr who wrote (4984)11/18/2011 5:46:22 PM
From: dealmakr   Read Replies (1) of 5891
 
HCBK position 11/18/11

After looking deeper into this one , have decided to take a longer term play. Book value north of 10 with tangible book over 9. Bank was overleveraged on the asset side and in delevering the stock got crushed. Still a premier franchise in the metro NY area yielding north of 5% on the dividend with some fairly decent premium available for writing options.

Stock closed a bit weaker than I would have liked and will look to open more calls. Still think that this one is oversold, but with tax loss season coming maybe more to go on the downside.

10/26/11 Bot 5000 HCBK 5.75 (28750)
10/26/11 Bot 5000 HCBK 5.81 (29050)
10/26/11 Bot 5000 HCBK 5.84 (29200)
10/26/11 Sold 100 Nov 6 Call .15*
10/26/11 Sold 50 Dec 5 Put .15
10/28/11 Bot 5000 HCBK 6.29 (31400)
10/28/11 Sold 50 Dec 6 Call .475 avg
11/01/11 Bot 5000 HCBK 5.9 (29500)
11/01/11 Sold 100 Nov 6 Call .15*
11/02/11 Sold 25 Jan 5 Put .25
11/02/11 Sold 20 Apr 7 Call .25
11/09/11 Sold 25 Dec 6 Call .25
11/09/11 Sold 25 Dec 6 Put .45
11/14/11 Sold 25 Jan 6 put .60
11/16/11 Bot 5000 HCBK 5.75 (28750)
11/15/11 Sold 75 Dec 6 Call .15
11/17/11 Sold 50 Dec 6 Call .15

Closed trades Profit/Loss

11/02/11 Dividend .08 on 25000 shares 2000
11/19/11 Expired 200 Nov 6 Call 3000

Total return P/L on closed trades 5000

Long 30000 HCBK avg/share 5.89 (176650)

Stock closed 11/18/11 5.48

Short 50 Dec 5 Put 750
Short 25 Dec 6 Put 1125
Short 200 Dec 6 Call 4875
Short 25 Jan 5 Put 625
Short 25 Jan 6 Put 1500
Short 20 Apr 7 Call 500

Net position exposure

Covered calls 22000 shares
Naked puts 12500 shares
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