Master Income Update -
Friday, 22 July 2011
Hello there,
Here’s how I’m positioned heading into next week:
First, I’ve adjusted my calendar spread trade on AAPL, to selling next week’s $390 puts,
and I moved up the protective leg to the AAPL $365 puts.
On BIDU, I’ve moved things to now have 10 sold calls at next week’s $160 calls.
20 sold calls at next week’s $165 calls. And that’s it.
I own 7,000 shares on BIDU and only have 30 calls sold. I’m looking for an upside
explosion come earnings and reaction next week.
I rolled all my FAS to next week’s $25 calls.
On FFIV, I’m selling 100% of my possible calls at next week’s $100 calls.
On JPM, I’m rolling 100% of my possible calls to next week’s $42 calls.
On LVS, I’m rolling out half and half to next week’s $48 calls and $49 calls. LVS announces
earnings next week – and with WYNN’s results – LVS could be in for some upside as well.
On NFLX, I’m rolling 2/3rds of my calls to next week’s $285 calls. and 1/3 to next week’s
$300 calls.
There is hella premium here for NFLX for the earnings week. I don’t see NFLX blowing up
and exploding higher this time around…but hell…how does anyone know?! These are
out of the money and I’ve got very firm and close put protection. We’ll just see what
happens here!
Not sure what I’m going to do with AMZN right this minute, but I’ve got to buy back my
$215 calls for today, or else I’ll get called out.
I can always sell all or partial next week before the announcement!
okay – that’s the update on our current MIT’s!
Over and out, have a great weekend…–Preston
Master Income Update -
Wednesday, 13 July 2011
Hello today,
I’ve basically been an observer of all this back and forth this week.
Whoa – it feels like the tilt-a-whirl, the rollercoaster and those crazy ferris wheels with
those caged things you sit in that can go upside down all combined together.
I’m glad I resisted the temptation yesterday to roll down a bunch of my sold call strikes,
because in just one more trading day (today), everything’s back where it was, even higher.
(Netflix is responding incredibly well with the news of their price increase to the DVD
by mail segment of their subscriber list…a 60% price increase).
It makes you wonder if they’ll forecast higher/bitchin’ numbers come their earnings
announcement time because of this price increase?!
Oh…and that’s another thing we have on our hands come next week. Earnings announcement
season!
The fun never stops around here!
I’ll be adjusting and trading tomorrow as the new weeklies will be born for the following
Friday.
See you then!
–Preston
Master Income Update -
Friday, 8 July 2011
Good morning,
Here’s how I’m adjusting my ongoing, current MIT trades:
Staring with AMZN, on the 2,000 shares, I’m selling 10 July 215 calls and 10 July
220 calls. I also adjusted up my puts to the Oct 190 puts.
AMZN trades for around $215 and change right now.
For BIDU, I’m selling 40 of the July 145 calls and 30 of the July 150 calls. BIDU trades
right around $146.60 at moment.
On the put side, I’m out to September on all strikes…I own 20 $125 puts, 40 $130 puts &
10 $135 puts (all September again).
On FAS, I’m selling the July $27 calls for next week (FAS at $26.20).
On FFIV, I’m selling 15 July 120 calls on the 1,500 shares. FFIV trade for $116.50. I also
am moving up the protective puts to the Oct 95 puts.
I am rolling out all 20 of my JPM calls, from the $41 strike to the July $41 strike.
On LVS, I’m selling/adjusting by selling next week’s $45 calls. LVS trades at approx
$46 right now.
On NFLX, I’ve got 10 July $290 calls and 20 July $295 calls sold. NFLX trades for $291
and change…NFLX is simply beastly. On the put side, here’s how it looks right now.
I own 10 Sept 260 puts and 20 Sept 270 puts.
This is how all my MIT’s are looking and how I’m positioned into next week – and for
the weekend!
I hope this finds you well!
–P
Master Income Update -
Friday, 1 July 2011
Hello here from St. Augustine again.
After some days in NYC (and one of the craziest travel days in my life as a Dad) – we’re
here in one piece.
I want to remind you of the 3 day holiday with no trading on Monday (the 4th) – and how
the time premiums start to get factored out right around now (the mid point of day,
eastern standard time.
When leaving NYC yesterday around 1 pm, you could tell that the long weekend was
already underway with the sheer humanity streaming out of the freeways at that time.
Holy moly.
And speaking of holy molies…how ’bout the market for this entire week? An about face
and 5 days of green in a row.
It’s really pushed up stocks all over the place – and especially the leaders.
So what I’m doing on BIDU is repositioning all my sold calls to next week’s 140 calls.
I’m selling all my calls on NFLX for next week’s $265′s.
I’m rolling out of my AMZN (I did this yesterday) at the $200 calls. This has more steam
now as it trades north of $205 (if I were rolling today, it would be at the $205 calls, fyi).
I’m rolling out of FFIV and into next week’s $110′s and $115 calls.
I’m rolling out of my LVS, selling next week’s $43 calls.
The AAPL put credit spread has performed amazingly well during last week and now this
current week. This is the calendar spread owning July options and then selling the
weekly options against it.
I’m selling next week’s $25 calls on FAS (I would do the $26′s if it were today, but I
rolled to the $25′s yesterday).
I’m rolling my JPM calls to next week’s $41 calls.
And I think that about has it covered for the MIT’s this week.
Remember, for 3 solid days, nothing trades…so that’s a lot of time decay for us doing
nothing. Also – right around the corner is the July earnings season.
I don’t know what got into stocks this past week – but call it some waking up after
nearly 8 weeks of drowning.
Anyway – I’ll see you back here on Tuesday – I wish you a very happy and safe 4th of
July!
Over and out,
–P
