Long a small lot of Sept OTM C Calls. Looking for a pop up to the 200 DMA on a rally, and unload the calls.
Topics: Long Calls

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The last few trading days, CPSL has absolutely exploded. It is up from around 1.50 to above 2.50. I didn't think I would see those levels this early in the year, but it's happened. I am short calls on my stock at 2.50 for June and September, so.
Topics: Covered Calls, CPSL

{"title":"CPSL Exploded","post_url":"http:\/\/backseatcapitalist.blogspot.com\/2009\/05\/cpsl-exploded.html","feed_url":"http:\/\/backseatcapitalist.blogspot.com\/feeds\/posts\/default?alt=rss","author":"backseatcapitalist","date":"2009-05-04 08:35:00","summary":"The last few trading days, CPSL has absolutely exploded. It is up from around 1.50 to above 2.50. I didn't think I would see those levels this early in the year, but it's happened. I am short calls on my stock at 2.50 for June and September, so."}

I wrote more covered calls on the remainder of my CPSL position. Half my position is short Sept. 2.5 calls, and the other half is June 2.5 calls, which I wrote today for a dime. Very overvalued, especially since CPSL has basically been trading in this..
Topics: Covered Calls, CPSL

{"title":"More Covered Calls","post_url":"http:\/\/backseatcapitalist.blogspot.com\/2009\/04\/more-covered-calls.html","feed_url":"http:\/\/backseatcapitalist.blogspot.com\/feeds\/posts\/default?alt=rss","author":"backseatcapitalist","date":"2009-04-02 14:40:00","summary":"I wrote more covered calls on the remainder of my CPSL position. Half my position is short Sept. 2.5 calls, and the other half is June 2.5 calls, which I wrote today for a dime. Very overvalued, especially since CPSL has basically been trading in this.."}

After an amazing daily gain, CPSL wobbled. However, there was a buyer interested in purchasing some September 2.5 calls from me, so I sold him 10 very overpriced calls at .20 cents, when theoretical value was under .10. Fine with me, now, I am going to.
Topics: Covered Calls, CPSL

{"title":"CPSL - Covered (some) Calls","post_url":"http:\/\/backseatcapitalist.blogspot.com\/2009\/03\/cpsl-covered-some-calls.html","feed_url":"http:\/\/backseatcapitalist.blogspot.com\/feeds\/posts\/default?alt=rss","author":"backseatcapitalist","date":"2009-03-31 07:54:00","summary":"After an amazing daily gain, CPSL wobbled. However, there was a buyer interested in purchasing some September 2.5 calls from me, so I sold him 10 very overpriced calls at .20 cents, when theoretical value was under .10. Fine with me, now, I am going to."}

Long time readers will know I am long CPSL--Chinese Precision Steel. Balance sheets look stable enough, but it is an extremely volatile stock. Which, translates in to premium for short positions, ie the covered call. CPSL established a minor uptrend in.
Topics: Covered Calls, CPSL

{"title":"CPSL - Bullish?","post_url":"http:\/\/backseatcapitalist.blogspot.com\/2009\/03\/cpsl-bullish.html","feed_url":"http:\/\/backseatcapitalist.blogspot.com\/feeds\/posts\/default?alt=rss","author":"backseatcapitalist","date":"2009-03-26 14:42:00","summary":"Long time readers will know I am long CPSL--Chinese Precision Steel. Balance sheets look stable enough, but it is an extremely volatile stock. Which, translates in to premium for short positions, ie the covered call. CPSL established a minor uptrend in."}