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Sold Calls On GT Advanced And Pixelworks And Sold Puts On Apple

|Includes: PXLW

Well, I am still waiting to buy back my Apple shares. As I wait I have sold some Aug 8 puts at $91 at $0.20, a good five percent lower than today's opening price. I believe there is an outside chance Apple moves that much over the coming week. And if it does I will buy the shares no problem.

Probably more interesting is the walloping I have taken on my PXLW works position, down almost 20% today. I am still holding, even though guidance was slightly lower than expected for Q3 (but based on one analyst). I believe the company has a lot of potential with their mobile video processing platform Iris going forward. Haven't quantified it and I probably should do so. To lower my cost basis I have sold Sep 14 $7.50 calls at $0.35, as I don't expect anything to happen between now and then.

Finally, I did something very interesting on my GTAT position. I am nursing losses on this position, and luckily for me the call premiums are high and helping offset my losses. I sold two sets of calls, a small bunch at Aug 14 $14.50 calls for $0.60, and another set of calls at Sep 14 $16 for $0.70 (this basically became a spread from an existing Sep 14 $15 long call position). I am very bullish on GTAT past a six months time frame.

Disclosure: The author is long PXLW, GTAT.

Additional disclosure: Additionally, I have options positions in PXLW, GTAT, and AAPL, which I may trade at any time. I may also purchase Apple shares over the coming week.