Friday, March 28, 2014

Weekly GILD a big loser

I take a big loss in GILD, open a position in GLD. Add to longs in several other stocks.

Fri Buy to cover GILD Apr 70 puts @68.9. Crunch! I take a huge percentage loss on these short puts on Gilead Sciences. Yes, it is oversold, but the small timers on the Yahoo finance board keep adding to longs, and the tape action continues to be terrible. Too much pain for me to stay in the game. I remain short May 60 puts and several layers of GILD calls.

Thu Sell GILD May 87.5 calls @71.5. I hedge my net long position in Gilead Sciences. I am getting smacked around like a ping-pong ball on this stock and it is not pleasant.

Sell IWM May 95 puts @114.5. I add a third layer of short May puts on the Russell 2000.

Sell AMGN Apr 135 calls @123.1. I rebalance my net long position in Amgen by selling calls.

Sell HON May 80 puts @90.6. I open a May position in Honeywell.

Sell IWM Apr 121 calls @114.3. A second layer of short calls (3 layers of short April puts) on the Russell 2000 ETF.

Sell UAL Apr 50 calls @43.9. I hedge my United Airline short puts by selling calls.

Wed I continue to put money that came free from option expiration to work. I am ever more cautious in some ways. The premiums collected yet smaller, the probabilities higher.

Sell UAL Apr 39 puts @45.3. Add to longs in United Airlines.

Sell MSFT May 35 puts @40.3. Add to longs on Microsoft.

Sell HPQ May 29 puts @32.9. Add to longs on Hewlett Packard.

Sell GILD May 60 puts @73.9. Rebalance my net long position on Gilead Sciences.

Sell DIS May 65 puts @79.9. Add to longs on Disney
I sold the above five in the morning, and by the close, they were all in the red.

Tue Sell IWM May 99 puts @117.6. I add to my net long position in the Russell 2000.

Mon Option expiration frees up capital and I put some back to work.
Sell IWM May strangles: May 97 puts @116.8
Sell IWM May 128 calls @116.8

Sell GLD May strangles: May 113 puts @126.3
Sell GLD May 142 calls @126.3
I sell May strangles on the Russell 2000 ETF and gold. Again, short strangles are a bet on a trading range. For GLD 114 was the minor low and 142 a minor high.

Sell BRKB May 110 puts @124.2.
Sell WFC May 44 puts @48.9.
I open May positions in Berkshire and Wells Fargo.

Position summary:

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