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Strategies & Market Trends : Calls and Puts for Income
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From: dealmakr 8/30/2014 9:02:47 AM
1 Recommendation

Recommended By
Jim P.

  Read Replies (2) of 5891
 
08/30/14

Been a long time since posting any trades and figured that I would put one up for comment and see how it plays out. I am still very wary of the market here with macro risk not correctly priced into things IMHO, but that doesn't mean that there aren't some places where I can see some potential.

FMER is what you might call a super regional bank or maybe a money center, asset size puts it into the about 24th place for US banks. Dividend yield around 3.7% and the stock got way ahead of itself late last year and into the early part of this year. Now that it has come in quite a bit decided to put on a trading position and am willing to adjust as the stock trades. A few overwrites on the call side that can be covered by buying additional shares or hedging with short puts.

08/04/14 Bot 3000 FMER 17.16 (51480)
08/05/14 Bot 3000 FMER 17.17 (51510)
08/05/14 Sold 30 Aug 17.5 Call .20*
08/05/14 Sold 30 Dec 17.5 Call .70
08/19/14 Sold 30 Oct 17.5 Call .505 avg.
08/20/14 Bot 4000 FMER 17.34 (69360)
08/20/14 Sold 40 Sep 17.5 Call .25
08/20/14 Sold 10 Dec 17.5 Call .70
08/21/14 Sold 10 Oct 17.5 Put .60
08/22/14 Sold 10 Dec 17.5 Call .80
08/25/14 Sold 15 Mar 15 Put .45
08/27/14 Sold 10 Dec 17.5 Call .70

Closed trades Profit/Loss

08/16/14 Expired 30 Aug 17.5 Call 600
08/28/14 Dividend .16 on 10000 shares 1600

Total return on closed trades 2200

Long 10000 FMER (172350)

Short 40 Sep 17.5 Call 1000
Short 30 Oct 17.5 Call 1515
Short 10 Oct 17.5 Put 600
Short 60 Dec 17.5 Call 4300
Short 15 Mar 15 Put 675

Stock closed 08/29/14 17.235

Good Trading

dealmakr
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