Weekly Update 10/15/10

Here are the updates for my open trades for the last 2 weeks:

CTXS Call Seagull

The CTXS position was closed on 10/8 with the shorts getting close to expiration and earnings shortly afterward. Final P/L on the position was +50.8%, the second best PCCRC I have ever had.

INFA Call Seagull

INFA was also closed on 10/8 with a net profit of +32.2%.

INTU Put Seagull

INTU was closed on 10/6 with a net profit of +6.8%.

NOV Bullish Diagonal

I bought back the 2 short calls on NOV on 10/7 with NOV appearing to be moving higher. It did move up trading to 48.62 yesterday where I rolled up to the 44 strike and added a third call. Current position is 3 Jan 2011 44 Calls and profit stands at +47%.

XLE Bullish Diagonal

XLE appeared to be moving higher so on 10/7 I bought back the short call to let the long call run naked. My analysis shows if XLE reaches 60 I should be able to double the number of longs without adding any risk by rolling to the 56 strike. XLE is at 59.21 today and the XLE position is up 30%.

MOS Bearish Diagonal

I am not sure what made me think the MOS chart looked bearish. After a couple of days in the position the chart looked bullish and the stock acted bullish so I closed the position on 10/8 after a gap up. Total P/L was -21.1%.

FCX Bullish Diagonal

I opened a new position on FCX on 10/8 by buying the Jan 85 call. I decided to cover the call today because earnings are due out next week. Current profit on the total FCX position is +22%.

GOOG showed up on the PCCRC screener today but I did not open a position because of the high cost. I expect to open some PCCRCs in the next couple of weeks.