The first week of my Options2Wealth portfolio's performance was quite impressive...
The adage, Timing is Everything couldn't be truer for my portfolio: on Wednesday, the portfolio's biggest holding, SunPower (NASDAQ:SPWR), which had a 40% weightage, came out with the news that it had received an order from Warren Buffett's MidAmerican Renewables that was more than 4X the size of SunPower's entire market-cap.
The market needed a day to digest this stunning piece of news and the next day, Thursday, the stock took off like a rocket ship and clocked a 47%+ move, going up $2.94 in a single trading day! Thanks to luck and fortuitous timing, my March 16, 2013 CALL option contracts which I had purchased over 2 prior trading days at an average cost of 48¢ were suddenly worth north of $3 on Thursday. On Friday, the stock took a breather, going down a mere 34¢...My options closed for the week @ $2.77 (bid price), still up more than 5.5X my purchase price...
My other holdings did not fare so bad either with Sprint (NYSE: S) options closing up more than 35% and my CALL options in MEMC Electronic Materials (NYSE: WFR) closed up 46%.
My Options2Wealth portfolio's current value after Week 1:
Sprint (NYSE:S) May 18, 2013 CALLS, $6.00 Strike Price:
108 Contracts closed Friday @ $0.19 (bid price); Current market value: $2,052.00
SunPower (SPWR) March 16, 2013 CALLS, $6.00 Strike Price:
80 Contracts closed Friday @ $2.77 (bid price); Current market value: $22,160.00
MEMC Electronic Materials (WFR) April 20, 2013 CALLS, $3.50 Strike Price:
61 Contracts closed Friday @ $0.60 (bid price); Current market value: $3,660.00
Total Cash: $2,077
Total Portfolio Value after Week 1:
Not a bad 1st week...
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.