Calls and Puts for Income Message Board

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Strategies & Market Trends : Calls and Puts for Income

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To: dealmakr who wrote (5222)

7/21/2012 8:18:57 AM

From: dealmakr

Read Replies (2) of 5891

Updated Position XRX 07/21/12

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*
08/05/11 Sold 25 Aug 8 Put .18*
08/17/11 Sold 25 Sep 8 Put .24*
08/17/11 Sold 25 Oct 8 Put .44*
08/19/11 Sold 25 Oct 7 put .43*
08/19/11 Bot 1500 XRX 7.51 (11265)
10/03/11 Sold 25 Oct 7 Put .43*
10/22/11 Bot 2500 XRX 8 (20000) exercise
10/25/11 Sold 50 Jan 10 Call .12*
10/26/11 Sold 50 Jan 10 Call .12 *
11/28/11 Sold 15 Apr 6 Put .27*
11/28/11 Sold 25 Jan 9 Call .10*
01/25/12 Sold 25 Feb 8 Put .22*
01/25/12 Sold 50 Mar 9 Call .06*
01/25/12 Sold 50 Jul 10 Call .12*
02/14/12 Sold 20 Jul 8 Put .58*
05/29/12 Sold 20 Jul 7 Put .27*
06/19/12 Sold 20 Aug 8 Put .47
06/19/12 Sold 50 Jul 8 Call .15*
06/20/12 Sold 25 Oct 7 Put .27
06/20/12 Bot 5000 XRX 7.80 (39000)
06/21/12 Bot 10000 XRX 7.80 (78000)
06/22/12 Sold 100 Jul 8 Call .13*
06/25/12 Bot 5000 XRX 7.64 (38200)
06/26/12 Sold 50 Jul 8 Call .08*
06/27/12 Sold 50 Oct 9 Call .11
07/02/12 Sold 20 Aug 8 Put .40
07/21/12 Bot 2000 XRX 7 (14000) exercise
07/21/12 Bot 2000 XRX 8 (16000) exercise

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
08/05/11 Bot close 25 Aug 9 Put .70 (1450)
08/19/11 Bot close 25 Aug 8 Put .53 (875)
09/18/11 Bot close 60 Sep 9 Put 1.18 (5840)
09/12/11 Bot close 25 Sep 8 Put .75 (1275)
09/28/11 Dividend .0425 on 10500 shares 446.25
10/19/11 Bot close 25 Oct 9 Put 1.39 (2175)
10/22/11 Expired 50 Oct 7 Put 2150
10/22/11 Expired 50 Oct 10 call 1275
10/22/11 Expired 35 Oct 11 Call 595
10/22/11 Exercised 25 Oct 8 Put 1100
12/28/11 Dividend .0425 on 13000 shares 552.50
01/20/12 Bot close 25 Jan 9 Put .28 600
01/21/12 Expired 25 Jan 9 Call 250
01/21/12 Expired 100 Jan 10 Call 1200
02/14/12 Bot close 25 Feb 8 Put .02 500
03/17/12 Expired 50 Mar 9 Call 300
03/28/12 Dividend .0425 on 13000 shares 552.5
04/21/12 Expired 15 Apr 6 Put 405
06/27/12 Dividend .0425 on 33000 shares 1402.5
07/21/12 Exercised 20 Jul 7 Put 540
07/21/12 Exercised 20 Jul 8 put 1160
07/21/12 Expired 200 Jul 8 Call 2450
07/21/12 Expired 50 Jul 10 call 600

Total Return P/L on closed trades 14148.75

Long 37000 XRX avg/share 8.48 (313935)

Stock closed 07/20/12 6.70

Short 40 Aug 8 Put 1740
Short 40 Aug 8 Call 600
Short 25 Oct 7 Put 675
Short 40 Oct 8 Call 880
Short 50 Oct 9 Call 550

Net Position Exposure

Covered Calls 13000 shares
Naked Puts 6500 shares

Will be opening more CC's on any type of strength.

This trade has been a loser and using naked put options has increased the losses when it broke down from 9.

With earnings coming right on 07/20/12 options Friday, I thought that I would bring this trade up to date.

"In committing additional capital to the trade, the purpose was to reduce the DCA on the whole position while still looking for an exit point. By dropping the DCA from 9.90 to 8.60 even with writing the Jul 8 calls and possibly having the stock called away, it allows me to try and gain some revenue from the position. A lot of capital has been tied up for quite a long time here and I felt the time was right to upsize the trade."

Well they say that timing is everything and my timing on adding to this position has just sucked. GAAP earnings of .22 and the company reducing guidance for the year because of the Big E, not talking about Elvis, but about Europe just cratered the stock. Friday's trading with the stock selling off hard going into the close just made the pain harder,HPQ & LXK in the printer sector also very weak.

Option premium on the call side was just crushed and will look to sell some just to bring in a few bucks premium. I haven't given up on this one yet as they are still profitable and cash flow looks good, but its looking like a long road ahead in what I now see as a possible value trap. Company still committed to buying back stock and 41mm shares were done in the quarter at around 7.46/share.

Good Trading

dealmakr

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