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Options2Wealth
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I used to run a limited partnership, boutique hedge fund in the 90s. Retired in 2000 and moved from New York City to Toronto, Canada, got married, raised a family and basically settled down. After a few years in Toronto, my wife got tired of the city’s 8 months of cold weather and insisted that... More
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iBBQ, Inc.
  • Portfolio Update 4/13/2013 1 comment
    Apr 13, 2013 12:18 PM | about stocks: AAPL, CSCO, FSLR, VIAV, JNPR, LDK, QCOM, S, SPWR, TSL, SUNEQ

    This has been a very busy week for me and therefore was unable to provide the details of my trades during the week...so here it goes:

    On April 9th, First Solar's huge move allowed me to get out of a trade that had me buried for almost 2 months...thank God that I had enough time on my April options to help save my skin...PHEW!

    I sold all 50 contracts of my FSLR April 20, 2013, $33 Strike Price for $7.09...I had purchased these calls about 2 months ago in 2 separate transactions, at an average price of $4.59...When First Solar took a dive after announcing their 2012 Year results and the next day my options were down below $1, I decided not to sell, hoping that the market will realize that it had overreacted to the report and the stock will come back up...Unfortunately, that was not the case, and in fact, to my chagrin, the stock actually drifted even lower...Since my options still had some time left, I pinned my hope on their analyst call scheduled for this past Tuesday...My best case scenario was that I would be able to extricate myself out of the deep hole that I had dug myself in, with a 50% loss...not in my wildest imagination did I expect to come out with a profit...Sometimes, being lucky is more important than being smart, because smart I clearly was not...

    After the sale, I had a little over $35,000 cash...The following day, April 10th, I used a big portion of that cash to buy 480 contracts of SunPower June 22 CALLS, Strike Price $15, at an average price of 53¢, including commissions. I currently still have a little over $10,000 in cash which I also plan to put in these same SPWR options on Monday. Don't want to sound like a broken record, but Sun Power, as I have stated here before, is the safest bet in the solar sector and despite the prevailing negative sentiment for this sector within the analyst community, solar is the future and the sector is on fire. I feel very comfortable betting BIG on SunPower. And why not, it has been very good to me since Day 1 of this portfolio's public life.

    I have included a screenshot of the Excel spreadsheet with the Options2Wealth's current positions, including cash...I am also providing screenshots of the option quotes at the time I made the individual transactions...

    Since its inception, the Options2Wealth portfolio is up 373%. Its current market value is $47,368.48, based on the closing bid prices of the various individual options, and this includes $10,218.48 in cash.

    I will do a further update on Monday once I have made the additional purchase of SPWR June $15 CALLS...

    kp

    DISCLAIMER: All postings made here are strictly for my personal record keeping and in no way, shape or form, am I even remotely suggesting others to follow my Buy and Sell moves. Trading options is definitely not for the faint of heart as one's portfolio can move up, or down, anywhere between 10%-30% during a single trading day. Feel free to follow my progress here, but PLEASE do not follow my moves. However, if, in spite of all my exhortations, should you decide to do so, be advised that you, and ONLY YOU will be responsible for any losses that you may suffer...In other words, the onus is strictly on you.

    (click to enlarge)

    Disclosure: I am long FSLR, LDK, S, SPWR, TSL.

    Stocks: AAPL, CSCO, FSLR, VIAV, JNPR, LDK, QCOM, S, SPWR, TSL, SUNEQ
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  • greggbuttery
    , contributor
    Comments (16) | Send Message
     
    Nice call on S. I jumped in with your on SPWR.
    16 Apr 2013, 02:28 AM Reply Like
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