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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
My company:
iBBQ, Inc.
  • Portfolio Update 5/20/2013 0 comments
    May 21, 2013 8:52 AM | about stocks: AAPL, CSCO, FSLRQ, VIAV, JNPR, LDK, QCOM, S, SPWR, TSL, SUNEQ

    In my May 15th post here, I had stated that when SPWR prints $23, I will start to exit out of my June $15 CALLS...therefore, yesterday, once SPWR printed $23, that was my signal to start selling my June $15 CALL options...since the size of my holding is considerable, exiting out of my position is somewhat tricky...Yesterday, I sold 400 of my 700 June $15 CALL contracts at an average price of $7.738...I am now left with 300 contracts which I will dispose off today...So far in pre-market today, I can see SPWR looking to gap open, yet again...perfect time to exit...As I have stated before, I only plan to sell my June options and will hold on to my 100 contracts of the January 2014, $12 CALLS. Today, this stock may go as high as 23.90, but I will be absolutely flabbergasted if the stock prints $24 intraday...

    Selling my SPWR June $15 CALLS does not mean that I am now not as bullish about the company...I just expect the stock to take a breather after an amazing run and while it is doing that, I will take my cash and deploy it somewhere else...once SPWR is ready to make another run, and this time it will be towards $30, I will be ready to jump right back in...

    I plan to use the cash generated from these sales to purchase additional WFR CALLS...will give a more detailed update later today...it is going to be a very busy day...


    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. On the other hand, if the move(s) result in a profit for you, I am open to discussing a split. ;-)

    Disclosure: I am long LDK, SPWR, TSL, WFR.

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