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Trading results 12/31/10

Pretty slow day with the first and only signal coming in the afternoon with SCOK

IB didn’t have shares to short (technically they had 100….wuppie!!) and once again I had to look at options to get the job done. I was able to sell some calls at the 12.50 and 15 stike prices and even with the screwing I received from the market makers I turned in a pretty decent gain with it. Not as good as with the stock if I had been able to short directly but at least I didn’t end the day empty handed.
COCO  (5.21 ↑0.58%) had an interesting ride today and I didn’t do anything with it other than watch the price action. I came close to selling more puts when it was near $5 but decided to wait until next week to see if it pulls back under $5 or not. I am increasingly getting worried that the low has been put in and the bus is about to leave. At the same time I know that its better to have a stock move your way and be correct with smaller size than would be ideal than to have a position that is a little to big and have it give you some heat. So I guess its all good.

SCOK (via long as a method of covering the short calls) + 17
SCOK Jan 12.5 C + 226
SCOK Jan 15 C + 34

+ 278

Happy New Year to everyone and I would like to thank you for reading my journal this year and watching my journey through the caverns of Wall St.

RW